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"value": "Notes to the Consolidated Financial Statements1. Basis of PreparationGeneral InformationJD Sports Fashion Plc (the \u2018Company\u2019) is a company incorporated in the United Kingdom and registered in England and Wales. The financial statements for the 52 week period ended 1\ue655February 2025 represent those of the Company and its subsidiaries (together referred to as the \u2018Group\u2019), with the prior period comparatives being\ue655a 53 week period ended 3 February 2024. The financial statements were authorised for issue by the Board of\ue655Directors on\ue65520\ue655May 2025.Basis of PreparationThese Group financial statements have been prepared in accordance with UK-adopted International Accounting Standards.The financial statements are presented in Pounds Sterling, rounded to the nearest million in the current period. The Group has changed the presentation of numerical disclosures from one\ue655decimal place to whole numbers to enhance clarity and consistency across financial reporting. Prior period comparatives have been restated accordingly.The financial statements have\ue655been prepared on a going concern basis, under the historical cost convention, except for the revaluation of certain financial\ue655instruments.The accounting policies set out below have, unless otherwise stated, been applied consistently to all periods presented in\ue655these\ue655financial statements and have been applied consistently by all Group entities. The Group\u2019s business activities, together with the factors likely to affect its future development, performance and position are\ue655set out in the Strategic Report on pages 2 to 87. In addition, details of\ue655financial instruments and exposures to interest rate, foreign currency, credit and liquidity risks are outlined in Note\ue65524. Going ConcernThe Directors have prepared the Group and the Company financial statements on a going concern basis for the following reasons:At 1\ue655February 2025 the Group had a total cash and cash equivalents balance of \u00a3695 million (3\ue655February 2024: \u00a31,102 million) (see Note 34). The Group has committed UK borrowing facilities of \u00a3700 million (3\ue655February 2024: \u00a3700 million) that are available up to 6\ue655November 2026 (see Note 23), of\ue655which \u00a336 million (3\ue655February 2024: \u00a3Nil) has been drawn down in the period. The Group has US\ue655facilities, excluding the new term loan to\ue655acquire Hibbett, of which approximately $300 million is available up until 24\ue655September 2026. Of this $300 million, $15 million (3\ue655February 2024: $13 million) was drawn down in the period. On 23 April 2024, the Group entered into a new Term Loan Facility Agreement for a total commitment of $1 billion for the purpose of acquiring Hibbett Inc. On 25 July 2024 the commitment was drawn in full to facilitate the completion of the acquisition. Post acquisition repayments have been made on the Term Loan and as at 1 February 2025 the balance remaining is $700 million.The Term of the facility is 27 months to July 2026 after allowing for extension options in sole discretion of the Group.The total liquidity from cash and available facilities is therefore c.\u00a31.8 billion at 1 February 2025 (3 February 2024: c.\u00a32.0 billion).There has been no material change in the extent of cash and facilities available since the period end.The Group is currently in the process of refinancing its existing debt facilities of the \u00a3700m RCF, $300m Asset Backed Loan and\ue655$700 Hibbett term loan. Based on ongoing discussions with lenders and market conditions, the Group expects to complete the\ue655refinancing during H1 FY26.These facilities are subject to certain covenants, please refer to\ue655Note 23. The Directors believe that the Group is well placed to\ue655manage its business risks successfully despite the current uncertain economic outlook. The Directors have prepared cash flow forecasts for the Group covering a period of at least 12 months from the date of approval of the Group and Company financial statements, including a range of severe but plausible downside scenarios. These forecasts indicate that the Group and Company will be able to operate within the level of its agreed facilities and in compliance with applicable covenants. The Directors have prepared severe but plausible downside scenarios which cover the same period as the base case. An increase of US cost of goods arising from geopolitical uncertainty has been considered, in addition to a range of reasonably plausible downside scenarios, for the purposes of viability reporting. This has considered the specifics of a significant business continuity event adversely impacting one of the Group\u2019s main Distribution Centres (Kingsway) across the Q4 FY26 peak trading period; a significant cyber-attack resulting in a significant proportion of the Group\u2019s stores being unable to trade for a period of one month, impacting the peak trading period of December 2025; and a severe but plausible reduction in the allocation of stock, or business interruption impacting the availability of stock, from one of our key Sports Fashion suppliers.The forecast cash flows reflecting the above scenarios indicate that there remains sufficient headroom for the Group to operate within the committed facilities and to comply with all relevant banking covenants during the forecast period (further details of which are contained in Note 23). Furthermore, mitigating actions within the Group\u2019s control could be taken, should these severe but plausible scenarios occur, including reductions in capital expenditure, discretionary spend and dividends. These mitigating actions have not been modelled.A reverse stress test has also been performed on the base forecasts which indicates that a combination of the above severe but plausible scenarios all occurring at the same time would be required for the Group to breach a covenant before consideration of mitigating actions. A combination of all the factors above would not exhaust liquidity. This is not considered to be a plausible scenario, as the combination of all scenarios simultaneously is considered to be exceptionally remote.The Directors have considered all of the factors noted above and are confident that the Group has adequate resources to continue to meet all liabilities as and when they fall due for a period of at\ue655least 12 months from the date of approval of these financial statements. Accordingly, the financial statements have been prepared on a going concern basis.Basis of ConsolidationI. Consolidation The Consolidated Financial Statements comprise the financial statements of the Company and its subsidiaries as at 1\ue655February 2025. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over\ue655the investee. Specifically, the Group controls an investee if, and only if, the Group has:\u2013 Power of the investee (i.e. existing rights that give it the current ability to direct the relevant activities of the investee).\u2013 Exposure, or rights, to variable returns from its involvement with\ue655the investee.\u2013 The ability to use its power over the investee to affect its returns.Generally, there is a presumption that a majority of voting rights results in control. To support this presumption and when the Group has less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessing whether it has power over an investee, including:\u2013 The contractual arrangement(s) with the other vote holders of\ue655the investee.\u2013 Rights arising from other contractual arrangements.\u2013 The Group\u2019s voting rights and potential voting rights.The Group re-assesses whether or not it controls an investee if\ue655facts and circumstances indicate that there are changes to one\ue655or more of the three elements of control. Consolidation of a\ue655subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. Assets, liabilities, income and expenses of a subsidiary acquired or disposed of during the period are included in the Consolidated Financial Statements from the date the Group gains control until the date the Group ceases to control the subsidiary.Profit or loss and each component of other comprehensive income (\u2018OCI\u2019) are attributed to the equity holders of the parent of\ue655the\ue655Group and to the non-controlling interests, even if this results in the non-controlling interests having a deficit balance. When\ue655necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies in line\ue655with\ue655the\ue655Group\u2019s accounting policies. All intra-group assets and liabilities, equity, income, expenses and cash flows relating to\ue655transactions between members of the Group are eliminated in\ue655full on consolidation.A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction.If the Group loses control over a subsidiary, it derecognises the related assets (including goodwill), liabilities, non-controlling interest and other components of equity, while any resultant gain\ue655or loss is recognised in the Consolidated Income Statement. Any\ue655investment retained is recognised at fair value.II. Associates and Joint VenturesThe Group\u2019s interests in equity accounted investees comprise interests in associates and joint ventures. Associates are those entities in which the Group has significant influence, but not control or joint control, over the financial and operating policies. A\ue655joint venture is an arrangement in which the Group has joint control over the financial and operating policies.Interests in associates and joint ventures are accounted for using\ue655the equity method and are initially recognised at cost and subsequently a provision for impairment is recognised where appropriate. Subsequent to initial recognition, the Consolidated Financial Statements include the Group\u2019s share of the profit or loss and other comprehensive income of equity accounted investees, until the date on which significant influence or joint control ceases. III. Transactions Eliminated on ConsolidationIntra-group balances, and any unrealised income and expenses arising from intra-group transactions, are eliminated in preparing the Consolidated Financial Statements.IV. Employee Benefit TrustAn Employee Benefit Trust is operated by the Group and Company and is considered to be a special purpose entity in which the substance of the relationship is that of control by the\ue655Group in order that the Group may benefit from its control. The assets held by the trust are consolidated into the Group.Changes in Ownership Interest Without a Loss of ControlIn accordance with IFRS 10 \u2018Consolidated Financial Statements\u2019, upon a change in ownership interest in a subsidiary without a\ue655loss of control, the carrying amounts of the controlling and non-controlling interests are adjusted to reflect the changes in\ue655their relative interests in the subsidiary. Any difference between the amount by which the non-controlling interests are adjusted and the fair value of the consideration paid or received is recognised directly in equity and attributed to the owners of\ue655the parent. Acquisitions or disposals of non-controlling interests are therefore\ue655accounted for as transactions with owners in\ue655their capacity as owners and no goodwill is recognised as a result of\ue655such transactions. Alternative Performance MeasuresThe Directors measure the performance of the Group based on a range of financial measures, including measures not recognised by UK-adopted International Financial Reporting Standards. These Alternative Performance Measures may not be\ue655directly comparable with other companies\u2019 Alternative Performance Measures and the Directors do not intend these to be\ue655a\ue655substitute for, or superior to, IFRS measures. The Directors believe that these Alternative Performance Measures assist in\ue655providing additional useful information on the trading performance of the Group. Alternative Performance Measures are used to enhance the comparability of information between reporting periods, by\ue655accounting for adjusting items. Adjusting items are disclosed separately when they are considered unusual in nature and not\ue655reflective of the trading performance and profitability of the\ue655Group. The separate reporting of adjusting items, which are\ue655presented as adjusting within the relevant category in the Consolidated Income Statement, helps provide an indication of\ue655the\ue655Group\u2019s trading performance. An explanation as to why items have been classified as adjusting is given in Note 4. Further\ue655information can be found in the Alternative Performance Measures section on pages 246 to 252.For the financial period ended 1\ue655February 2025, the Group has updated the adjusting items policy to include the amortisation of\ue655acquired intangible assets. This update is intended to provide greater clarity over the underlying trading performance of the Group. The updated policy is in line with the majority of large, UK\ue655listed retail companies and therefore assists with comparability. See Note 4 for further detail.Adoption of New and Revised StandardsThe following new standards and amendments became effective for the period ended 1\ue655February 2025. These have no significant impact on the consolidated results or financial position.\u2013 Amendments to IAS 1 \u2013 Classification of Liabilities as Current or Non-Current;\u2013 Amendments to IFRS 10 \u2013 Lease Liability in a Sale and Leaseback;\u2013 Amendments to IAS 1 \u2013 Non-Current Liabilities with Covenants;\u2013 Amendments to IAS 7 and IFRS 7 \u2013 Supplier Finance Arrangements; and,\u2013 Amendments to IFRS 16 - Leases - Lease Liability in a Sale and\ue655Leaseback.At the date of authorisation of these consolidated Financial Statements, the Group has not applied the following new and revised standards and amendments that have been issued but are not yet effective: \u2013 Amendments to IAS 21 \u2013 Lack of Exchangeability (effective from 1 January 2025); \u2013 Amendments to IFRS 9 and IFRS 7 - Classification and Measurement of Financial Instruments (effective from 1\ue655January\ue6552026); \u2013 Amendments to IFRS 9 and IFRS 7 - Contracts Referencing Nature-dependent Electricity (effective from 1 January 2026); \u2013 IFRS 19 Subsidiaries without Public Accountability (effective from 1 January 2027); and, \u2013 IFRS 18 Presentation and Disclosures in Financial statements (effective from 1 January 2027). IFRS 18 will replace IAS 1 \u2018Presentation of Financial Statements\u2019 and become effective on 1 January 2027. IFRS 18 will introduce five new requirements on presentation and disclosure in the financial statements, with a focus on the income statement and\ue655reporting of financial performance. Income and expenses in\ue655the income statement will be classified into five categories \u2013 operating, investing, financing, income taxes and discontinued operations. Two new subtotals will be presented: \u2018Operating profit or loss\u2019 and \u2018Profit or loss before financing and income tax\u2019. IFRS 18 will also require disclosures about management-defined performance measures in the financial statements and disclosure of information based on enhanced general requirements on aggregation and disaggregation. The Group is currently assessing the impact of IFRS 18. The\ue655group\u2019s assessment remains ongoing and further changes upon the implementation of IFRS 18 may be required. The Group continues to monitor the potential impact of other new standards and interpretations which may be endorsed and require adoption by the Group in future reporting periods. Accounting PoliciesRevenue RecognitionRevenue is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods and services provided in the normal course of business, net\ue655of price discounts and sales-related taxes.I. Goods Sold Through Retail Stores and Trading WebsitesIn the case of goods sold through retail stores and trading websites, revenue is recognised when goods are sold, meaning the\ue655performance obligation of the transaction has been satisfied, less provision for returns, and discounts applied. A separate right of return asset is recognised. Accumulated experience is used to estimate and provide for such returns at the time of the sale. The\ue655refund liability due to customers on return of their goods is\ue655recognised in a separate refund liability category. Retail sales are typically paid by cash, debit card or credit card. For online sales, performance obligations are deemed to be satisfied when the goods are delivered to the customer.For online click and collect orders, where the customer pays online but collects in store, performance obligations are deemed to be satisfied when the goods are collected by the customer.For reserve and collect orders, where the customer reserves online but pays at the point of collection from the store, performance obligations are deemed to be satisfied when the goods are collected by the customer.JD StatusJD Cash issued by the Group when a JD Status customer purchases goods is a separate performance obligation providing a\ue655material right to a future discount. The total sales price of goods is allocated to JD Cash and goods sold based on their relative standalone selling prices. The amount allocated to JD Cash is provided for as a contract liability in trade and other payables. This deferred income is then recognised when JD Cash is used by\ue655the JD Status member.II. Wholesale RevenueWholesale revenue is recognised when goods are dispatched, meaning that the performance obligations have been met and control over a product has passed to the\ue655customer. In some instances, goods are sold with a right of return. Where wholesale goods are sold with a right of return,\ue655a\ue655provision is made to estimate the expected level of returns based on accumulated experience and historical rates. The refund liability due to customers on return\ue655of their goods is recognised in a separate refund liability category. Wholesale sales are either settled by cash\ue655received in\ue655advance\ue655of\ue655the goods being dispatched or made on agreed credit terms.III. Subscription and Joining Fee RevenueRevenue from the sale of fitness and leisure club memberships is recognised in the period the membership relates to. This revenue is recognised over time, on a straight-line basis over the expected duration of the membership. For new club openings, memberships are sold and joining fees are collected in the period before the new club is opened. Membership income received in\ue655advance of the club opening is deferred until the club is\ue655open and then recognised on an accruals basis over the related membership period. IV. Gift CardsThe initial sale of a gift card is treated as an exchange of tender, with the revenue recognised when the cards are redeemed by\ue655the\ue655customer. Revenue from gift card breakage is recognised when the likelihood of the customer utilising the gift card becomes remote. The liability relating to gift cards not yet redeemed is included within other payables and accrued expenses.Selling and Distribution Expenses Selling and distribution expenses are classified based on their function within the Group. Selling and distribution expenses include all costs associated with the marketing and distribution of\ue655the Group\u2019s goods and services. These expenses include advertising and promotional activities, costs relating to stores and warehouses (e.g. staff costs, rents and rates, bank and credit card charges, store security), depreciation and amortisation of assets used in commercial operations, online channel costs, and logistics and distribution-related costs.Administrative Expenses Administrative expenses comprise overhead costs that are not\ue655directly attributable to specific sales, stores or distribution operations. These primarily relate to support functions at Head Office and within the Group\u2019s operating businesses, including finance, human resources, procurement, property, legal, and IT. Depreciation and amortisation of assets used by support functions are included here.In addition, certain non-recurring or judgement-based charges, such as impairments of operational assets, are presented within administrative expenses where they reflect strategic decisions or\ue655significant changes in expected asset utility. While such assets may support commercial functions (e.g. distribution centres), the\ue655classification of impairment within administrative expenses ensures clarity and consistency in distinguishing between underlying operational costs and adjusting items.InventoriesInventories are stated at the lower of cost and net realisable value. Cost is based on the weighted average principle. An element of\ue655supplier rebates is deferred into inventory and released on a\ue655straight-line basis as the related inventory is sold.The Group makes provisions for obsolescence, mark downs and shrinkage based on historical experience, the quality of the\ue655current season buy, market trends and management estimates of future events. The provision requires estimates for shrinkage, the expected future selling price of items and identification of aged\ue655and obsolete items. Share-Based PaymentsThe Executive Directors and senior management receive an element of remuneration in the\ue655form of share-based payments. Share-based payments are measured at fair value at the grant date which is determined by the share price on the day preceding the grant date. The cost of share-based payments is recognised as\ue655an expense, together with a corresponding increase in equity, on a straight-line basis over the vesting period of the awards. The\ue655amount recognised as an expense is adjusted to reflect the number of awards for which the\ue655related service and non-market performance conditions are expected to be met, such that the amount ultimately recognised is based on the number of awards that meet the related service and non-market performance conditions at the vesting date. Further information is available in\ue655the Directors\u2019 Remuneration Report on page 114 and in Note 5.An Employee Benefit Trust (\u2018EBT\u2019) has been established to facilitate the acquisition of ordinary shares to fund share awards made to employees. The assets and liabilities of the EBT have been included in the Group and Company accounts. The assets of\ue655the EBT are held separately from those of the Company. The Group Consolidated Statement of Comprehensive Income does not recognise gains or losses on purchases or sales of own shares. The cost of shares acquired by the EBT is recognised within equity. The Trustee of the EBT has agreed to waive its rights to any and all dividends paid.Assets Held-for-Sale and DisposalsNon-current assets, or disposal groups comprising assets and liabilities, are classified as held-for-sale if all of the following criteria is met in line with IFRS 5.\u2013 The carrying amount is expected to be recovered through the sale transaction\u2013 It is available for sale in its present condition\u2013 The Group had committed to sell and this sale plan had been initiated\u2013 It is being actively marketed at a price that is reasonable in relation to its fair value\u2013 There is an expectation that the sale process would be completed within 12 months of the classification as held-for-sale.Such assets, or disposal groups, are measured at the lower of their carrying amount and fair value less costs to sell. Any impairment loss on a disposal group is allocated first to goodwill, and then to the remaining assets and liabilities on a pro-rata basis, except that no loss is allocated to inventories, financial assets, deferred tax assets or investment property, which continue to be measured in\ue655accordance with the Group\u2019s other accounting policies. Impairment losses on initial classification as held-for-sale and subsequent gains and losses on remeasurement are recognised in the Consolidated Income Statement. Once classified as held-for-sale, intangible assets and property, plant and equipment are no longer amortised or depreciated. On disposal, the balances are derecognised and the profit or loss on disposal is recognised in the Consolidated Income Statement as an adjusting\ue655item.Supplier RebatesSupplier rebates include promotion cost contributions and marketing initiative support and are recognised in the Consolidated Financial Statements when they are contractually agreed with the supplier and can be reliably measured. Such rebates typically relate to the launch of such initiatives and therefore rebate income is typically recognised as a reduction to\ue655cost of sales across the period in which launch costs are recognised. Contributions towards store fixtures are recognised as a credit within the Consolidated Income Statement within the period in which they are received. Other rebates are agreed with suppliers retrospectively once specific targets have been achieved and recognised after the end of the relevant supplier\u2019s financial year.Climate ChangeIn preparing the Consolidated Financial Statements, the Group has considered the potential impact of climate change, particularly in the context of the climate-related risks identified in the Task Force on Climate-related Financial Disclosures (TCFD) section as set out on page 57, on its financial performance and position. There has been no material impact identified on the financial reporting judgements and estimates. In particular, the Group considered the impact of climate change in respect of forecast cash flows for the purposes of impairment assessments of non-current assets, and the useful lives of certain assets. Whilst there is\ue655currently little short to medium-term impact expected from climate change, the Directors are aware of the changing nature of\ue655risks associated with climate change and will regularly assess these risks against judgements and estimates made in preparation of the Group\u2019s financial statements.Critical Accounting Judgements and Key Sources of Estimation UncertaintyThe preparation of financial statements in conformity with adopted IFRSs requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. The\ue655estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of\ue655which form the basis of making the judgements and estimates about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these\ue655estimates. Critical Accounting JudgementsThe following are critical judgements, apart from those involving estimations (which are presented separately below), that management have made in the process of applying the Group\u2019s accounting policies and that have the most effect on the amounts recognised in the Consolidated Group Financial Statements.Adjusting ItemsManagement exercises significant judgement in assessing whether items should be classified as adjusting items. This assessment covers the nature of the item, cause of occurrence and/or scale of impact of that item on the reported performance. In determining whether an item should be presented as adjusting, the Group considers items which are significant because of either their size\ue655or their nature which management believe would distort an\ue655understanding of earnings if not separately presented. An explanation as to why items have been classified as adjusting is\ue655given in Note 4. Further information about metrics that the Group utilise which exclude adjusting items can be found in the Alternative Performance Measures section on pages 246 to 252.Key Sources of Estimation UncertaintyThe key assumptions about the future, and other key sources of estimation uncertainty at the reporting period end, that may have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial period are discussed below:Genesis Put and Call OptionGenesis Put and Call Option agreements that allow the Group\u2019s equity partners to require the Group to purchase a non-controlling interest are recorded\ue655in the consolidated balance sheet initially at the present value of the redemption amount, in accordance with IAS 32 Financial Instruments: Presentation. On initial recognition, the corresponding amount is recognised against the put and call option reserve. Changes in the measurement of the financial liability due to the unwinding of the discount or changes in the amount that the Group could be\ue655required to pay are recognised in\ue655the Consolidated Income Statement. If the contract expires without delivery, the carrying amount of the financial liability is\ue655reclassified to equity, otherwise the financial liability is derecognised for the amount settled.The key significant option outstanding as at 1\ue655February 2025 relates to the Group\u2019s US sub-group, Genesis. The Genesis put liability at 1\ue655February 2025 was \u00a3831 million (2024: \u00a3763 million).The Group uses a\ue655third-party valuation expert to independently determine the present value of the exercise price of the Genesis put and call options. The approach uses a Monte-Carlo simulation model applying a geometric Brownian motion to project the share\ue655price and an arithmetic Brownian motion for the projection of EBITDA forecasts. See Note 25b for the full accounting policy. The critical estimate used to value the put and call option liability is the EBITDA forecasts and growth assumptions for future periods. Further information about the sensitivities used can be found in Note 25b.2. Segmental AnalysisIFRS 8 \u2018Operating Segments\u2019 requires the Group\u2019s segments to be identified on the basis of internal reports about components of the Group that are regularly reviewed by the Chief Operating Decision Maker (CODM) to allocate resources to the\ue655segments and to assess their performance. The CODM is considered to be the Chief Executive Officer of\ue655JD Sports Fashion Plc. Information reported to the CODM is focused on the nature of the businesses within the\ue655Group. As announced in the Group's FY24 Trading Update on 28 March 2024, these financial statements to 1 February 2025 have been presented under the new segmentation used for reporting. The appointment of Regis Schultz as CEO on 2 August 2022 and subsequent announcement of a refinement in strategy at the Capital Markets day on 2 February 2023 resulted in a change in focus with respect to\ue655JD fascia\u2019s, territories and vision for the Group over the next five years. This has continued to lead to various alterations in internal reporting, business review and resource allocation over the 2023-2024 period. Consequently, a\ue655new reporting structure has been derived in order to provide the CODM with information required to deliver the renewed strategy for the Group. The internal reporting changed at the beginning of\ue655FY25, and therefore this triggered a change to the Group\u2019s operating segments. Acquisitions in the period Hibbett and Courir are reported under Complementary Concepts, and following the NCI acquisition of the Mainline business, this now sits under JD for FY25, a change from \u2018Other\u2019 in FY24. This is consistent with IFRS 8, whereby changes in the composition of operating segments must be\ue655considered when there has been a significant internal reorganisation.The CODM receives and reviews segmental operating profit. Certain central administrative costs including Group Directors\u2019 salaries are included within the JD UK operating segment. This is consistent with the results as\ue655reported to the CODM. IFRS 8 requires disclosure of\ue655information regarding revenue from major customers. The majority of the Group\u2019s revenue is derived from the retail of a wide range of\ue655apparel, footwear and accessories to the general public. As such, the disclosure of\ue655revenues from major customers is not applicable. The Group\u2019s reportable segments under IFRS 8 are \u2018JD\u2019, \u2018Complementary Concepts\u2019 and \u2018Sporting Goods and Outdoors\u2019. In\ue655accordance with IFRS 8.12, the Group have aggregated several operating segments with similar economic characteristics into each of the reportable segment, while remaining consistent with core principles of IFRS 8. When aggregating operating segments into reportable segments, the Group considered:\u2013 IFRS 8.12.a the nature of products or services\u2013 IFRS 8.12.c the type or class of customer\u2013 IFRS 8.12.d the methods used to distribute their products. A summary of each reportable segment is below: JDThe JD brand is no.1 priority and the Group have three growth pillars for our JD Brand First strategy: accelerating the opening of, and\ue655conversion to, JD stores across North America; accelerating the opening of, and conversion to, JD stores in Europe; and expanding the JD brand further by entering new markets through either acquisition or franchise. To be consistent with strategy, the key areas of growth are North America and Europe.The entities aggregated within the JD reportable segment are key revenue lines for the Group and areas of increased focus and\ue655investment. Although the entities within this segment operate in various territories, they all have similar characteristics as well-established, leading retailers or wholesalers of footwear, apparel and accessories from a mix of international sports fashion brands and private labels. All entities included in JD target a similar demographic in terms of both age range and an aspiration to achieve a certain style whether the product is used for lifestyle wear or active sports participation. Complementary conceptsThe Group\u2019s Complementary Concepts segment allows access to\ue655a wider customer base and maintenance of a segmented customer focus. The Group have two key pillars currently within this element of the strategy: growing community brands within North America and optimising the profitability of the MIG business within Europe. The brands offered by these entities and consumer appeal is orientated to a different demographic as compared to the demographic targeted by the JD businesses, based on local trends and community fashion. Additionally these retailers have a\ue655different customer base than the other Group segments with products and services orientated to the local community as opposed to mass appeal. Stores are often (but not exclusively) smaller and located in smaller towns.Sporting Goods and OutdoorsSporting Goods and Outdoors include key retailers of the Group which focus on retailing specialist apparel, footwear and technical products for sporting and outdoor pursuits and differs to that of the JD and Complementary Concepts segments. The ISRG, Cosmos and Outdoor brands offered by these entities and consumer appeal is orientated to an older and / or family oriented demographic as\ue655well as technical equipment/apparel as compared to the younger and/or more style-focused demographic targeted by the JD/Complementary Concepts businesses. Restatement of Previously Presented InformationWithin the FY24 RNS, a proforma disclosure of the Group\u2019s FY24 results under the new segments was presented. As disclosed in our 22 August 2024 \u2018Additional Financial information\u2019, upon further review of the disclosure, a gross up difference of \u00a349m was identified in relation to the consolidation entries between \u201cJD\u201d and \u201cOther\u201d requiring an increase in JD operating profit before adjusting items and a decrease in Other. There is no impact on the consolidated numbers.Information regarding the Group\u2019s reportable segments for the 52 weeks to 1\ue655February 2025 is shown below, The balances presented are the key performance metrics assessed by the CODM. ComplementarySporting Goods JDConceptsand OutdoorsTotalIncome statement\u00a3m\u00a3m\u00a3m\u00a3mRevenue 7,798 2,165 1,495 11,458 Gross profit before adjusting items 3,804 998 670 5,472 Gross margin before adjusting items 48.8 % 46.1 % 44.8 % 47.8 %Operating costs before adjusting items (3,059) (785) (579) (4,423) Operating profit before adjusting items 745 213 91 1,049 Operating margin before adjusting items 9.6% 9.8% 6.1% 9.2% Net finance expense (86) (24) (16) (126) Profit before tax and adjusting items 659 189 75 923ComplementarySporting GoodsJDConceptsand OutdoorsTotalAssets and liabilities\u00a3m\u00a3m\u00a3m\u00a3mInventories 1,009 651 361 2,021 ComplementarySporting GoodsJDConceptsand OutdoorsTotalOther segment information Note\u00a3m\u00a3m\u00a3m\u00a3mCapital expenditure:Intangible assets (Software development) 13 21 1 6 28 Property, plant and equipment 14 397 44 37 478 Depreciation, amortisation and impairments:Amortisation of intangible assets 13 53 29 15 97 Depreciation of property, plant and equipment 14 172 27 31 230 Depreciation of right-of-use assets 16 282 108 68 458 Impairment of non-current assets (adjusting items) 104 \u2013 \u2013 104 Impairment of non-current assets (non-adjusting items) 4 4 1 9 The comparative segmental results for the 53 weeks to 3\ue655February 2024 are shown below:(1)Restated(1)RestatedSporting (1)(1)(1)RestatedComplementaryGoodsRestatedRestatedJDConceptsand OutdoorsOtherTotalIncome statement\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mRevenue 7,593 1,341 1,569 39 10,542 Gross profit before adjusting items 3,703 634 694 17 5,048 Gross margin before adjusting items 48.8 % 47.3 % 44.2 % 43.6 % 47.9 %Operating costs before adjusting items (2,909) (462) (635) (13) (4,019) Operating profit before adjusting items 794 172 59 4 1,029 Operating margin before adjusting items 10.5% 12.8% 3.8% 10.3% 9.8% Net finance expense (31) (16) (16) \u2013 (63) Profit before tax and adjusting items 763 156 43 4 966 (1)Restated(1)RestatedSporting (1)(1)RestatedComplementaryGoodsRestatedJDConceptsand OutdoorsTotalAssets and liabilities\u00a3m\u00a3m\u00a3m\u00a3mInventories 959 307 327 1,593 (1)(1)RestatedRestated(1)(1)RestatedComplementarySporting GoodsRestatedJDConceptsand OutdoorsTotalOther segment information Note\u00a3m\u00a3m\u00a3m\u00a3mCapital expenditure:Intangible assets (software development) 13 25 1 4 30 Property, plant and equipment 14 449 48 33 530 Depreciation, amortisation and impairments:Amortisation of intangible assets 13 29 14 30 73 Depreciation of property, plant and equipment 14 128 26 24 178 Depreciation of right-of-use assets 16 271 77 65 413 Impairment of non-current assets (adjusting items) 10 \u2013 29 39 Impairment of non-current assets (non-adjusting items) \u2013 \u2013 22 22 (1) For the financial period ended 1\ue655February 2025, the Group has changed the reportable and operating segments. Acquisitions in the period Hibbett and Courir are reported under Complementary Concepts, and following the NCI acquisition of the Mainline business, this now sits under JD for FY25, a change from \u2018Other\u2019 in FY24, and meaning for FY25 there is no longer an \u2018Other\u2019 segment. Geographical InformationThe following table provides analysis of the Group\u2019s revenue by geographical market, irrespective of the origin of the goods/services:Revenue by Region52 weeks to 53 weeks to 1 February 3 February 20252024Revenue \u00a3m \u00a3mUK 3,205 3,509 Europe 3,510 3,094 North America 4,242 3,414 Asia Pacific 501 525 11,458 10,542 The revenue from any individual country, with the exception of the UK (2025: \u00a33,205 million; 2024: \u00a33,509 million) and US (2025: \u00a34,111 million; 2024: \u00a33,311 million) is not more than 10% of the Group\u2019s total\ue655revenue.Revenue by Channel52 weeks to 53 weeks to 1 February 3 February 2025 2024Revenue\u00a3m \u00a3mRetail stores 9,081 7,957 Online 2,251 2,350 (1)Other 126 235 11,458 10,542 (1) Other relates to revenue from gym memberships, wholesale and commission sales.Revenue by Category52 weeks to 53 weeks to 1 February 3 February 2025 2024 Revenue\u00a3m\u00a3mFootwear 6,819 5,920 Apparel 3,550 3,408 Accessories 702 670 (2)Other 387 544 11,458 10,542 (2) Other relates to revenue from sales of outdoor living equipment, delivery income and revenue from gym memberships. 3. Profit Before Tax52 weeks to 53 weeks to 1 February 3 February 2025 2024 Note\u00a3m\u00a3mProfit before tax is stated after charging/(crediting):Auditor's remuneration:(1)Audit of these financial statements (Deloitte LLP) 14 17 Amounts receivable by the Company's auditor (Deloitte LLP) and its associates in respect of:Audit of financial statements of subsidiaries of the Company 1 1 Depreciation and amortisation of non-current assets:Depreciation of property, plant and equipment 14 230 178 Depreciation of right-of-use assets 16 458 413 Amortisation of intangible assets 13 97 73 Impairments of non-current assets:Property, plant and equipment (adjusting items) 14 80 3 Property, plant and equipment (non-adjusting items) 14 2 7 Right-of-use asset (adjusting items) 16 19 2 Right-of-use asset (non-adjusting items) 16 7 14 Goodwill & fascia names (adjusting items) 13 5 35 Loss on disposal of non-current assets (non-adjusting) 18 8 Impairment loss on financial assets (adjusting) 4 \u2013 59 Rentals payable under non-cancellable leases for:(2)Land and buildings - variable lease payments 16 105 105 (2)Land and buildings - short-term leases 16 3 2 Other items:Movement in the present value of put and call option liabilities (adjusting) 62 (6) Movement in the fair value of forward contracts (10) (17) Foreign exchange loss/(gain) recognised (non-adjusting) 11 (10) Foreign exchange loss/(gain) recognised (adjusting) 5 \u2013 Share of associate profit and joint ventures (5) (8) (3)Other operating income (25) (30) (1) The \u00a314 million audit fee for the period ended 1\ue655February 2025 represents the total audit fee payable to Deloitte LLP for the audit of the Group\u2019s financial statements for the period ended 1\ue655February 2025. Of this \u00a314 million audit fee, \u00a35 million represents the costs incurred to the balance sheet date. Fees of \u00a311,000 were payable to Deloitte LLP in respect of non-audit services for the period ended 1\ue655February 2025. The \u00a317 million audit fee for the period ended 3\ue655February 2024 represents the total audit fee payable to Deloitte LLP for the audit of the Group\u2019s financial statements for the period ended 3\ue655February 2024. Of this \u00a317 million audit fee, \u00a36 million represents the costs incurred to the balance sheet date. Fees of \u00a320,000 were payable to Deloitte LLP in respect of non-audit services for the period ended 3\ue655February 2024.(2) Since transition to IFRS 16 on 3 February 2019, lease rentals in relation to variable, rolling leases and short-term lease payments have been charged to the Consolidated Income Statement. The variable lease payments shown above relate to turnover rents which are impacted by changes in sales at certain stores where the lease includes an element of turnover rent. Rolling lease payments are in relation to leases where the Group has applied judgement to determine the lease term for certain lease contracts in which the Group is a lessee that either have no specified end date, or where the Group continues to occupy the property despite the contractual lease end date having passed.(3) Other operating income relates to income receivable for online and in-store advertising services, commission income, rental income, sub-lease payments receivable and amounts receivable not in the ordinary course of business.4. Adjusting ItemsThe Group exercises judgement in assessing whether items should be classified as adjusting items. This assessment covers the nature of\ue655the item, cause of occurrence and scale of impact of that item on the reported performance. In determining whether items should be presented as adjusting items, the Group considers items that are significant because of either their size or their nature which management believe would distort an understanding of earnings if not adjusted. In order for an item to be presented as an adjusting item, it should typically meet at least one of the following criteria:\u2013 Impairments of tangible and intangible assets, investments and loan receivables not recoverable\u2013 Unusual in nature or outside the normal course of business (for example, the non-cash movement in the present value of put and call options, and foreign currency movements on non-trading intercompany balances)\u2013 Items directly incurred as a result of either an acquisition, an anticipated acquisition or a divestment, or\ue655arising from a major business change or\ue655restructuring programme (including the amortisation of acquired intangible assets, see below for further detail). For the financial period ended 1\ue655February 2025, the Group has updated the adjusting items policy to include the amortisation of acquired intangible assets. This update is intended to provide greater clarity over the underlying trading performance of the Group and\ue655the change has been applied retrospectively. The separate reporting of items, which are presented as adjusting items within the relevant category in the Consolidated Income Statement, helps provide an indication of the Group\u2019s trading performance in the normal course of business. The tax impact of these adjusting items is a tax credit of \u00a347 million (2024: \u00a331 million) as shown on the face of the Consolidated Income\ue655Statement.The total charge for the period is \u00a3208 million, of which \u00a357 million relates to a net cash inflow and \u00a3265 million was a non-cash charge. (1)Restated52 weeks to 53 weeks to 1 February 3 February 2025 2024 \u00a3m\u00a3mItems as a result of acquisitions, divestments, major business changes or restructuring:Acquisition-related costs 9 \u2013 Cost of Sales - Adjusting items 9 \u2014Items as a result of acquisitions, divestments, major business changes or restructuring:Acquisition-related costs 36 11 Divestment and restructuring (78) 38 Integration costs 5 \u2013 (2)Gain arising on deconsolidation \u2013 (36) Amortisation of acquired intangibles 57 49 Deferred consideration charge \u2013 1 Impairments of tangible and intangible assets and investments:Impairments of tangible and intangible assets and investments 112 39 Items that are unusual in nature or outside the normal course of business:Foreign exchange movements 5 \u2014 Administrative expenses - Adjusting items 137 102 Items that are unusual in nature or outside the normal course of business:Put and call option charge / (credit) for the period 62 (6) Finance expenses - Adjusting items 62 (6) (3)Impairments of loan receivables not recoverable \u2013 59 Impairment loss on financial assets - Adjusting items \u2013 59 Adjusting items 208 155 (1) For the financial period ended 1\ue655February 2025, the Group has updated the adjusting items policy to include the amortisation of acquired intangible assets. (2) A net gain of \u00a336 million in the prior period arose following the deconsolidation of Sports Unlimited Retail (\u2018SUR\u2019) after the entity entered bankruptcy on 6 December 2023. From this point onwards the entity was no longer under the control of JD Sports Fashion Plc and was deconsolidated.(3) In the prior period, an impairment loss (\u00a358 million) arose on the loan owed by Sports Unlimited Retail to Iberian Sports Retail Group and Sprinter Megacentros del Deporte SLU, at the time the entity entered bankruptcy. The remaining \u00a31 million relates to other impairments. Acquisition-related costsAcquisition-related costs of \u00a345 million are mainly in respect of the Hibbett and Courir acquisitions (\u00a343 million) which completed in July and November 2024 respectively. \u00a39 million of these costs are recognised within cost of sales, being the expensing of inventory fair\ue655value uplifts, and \u00a336 million are recognised within administrative expenses (\u00a330 million cash costs and \u00a36 million non cash costs). The remaining \u00a32 million relates to the acquisition costs incurred in buying out the 20% non-controlling interest (\u2018NCI\u2019) in Mainline which\ue655completed in November 2024. Acquisition-related costs of \u00a311 million were incurred in the prior period on the Courir acquisition. Divestments and restructuringDuring the current period, a total gain of \u00a378 million was generated on divestments (2024: \u00a332 million) and nil restructuring charges (2024: \u00a37 million) were incurred. In October 2024 the Group disposed of 21.58% of its shareholding in Applied Nutrition. A gain of \u00a351\ue655million arising from the disposal (proceeds of \u00a373 million were received) and gain of \u00a324 million on revaluation of the retained investment on the date of disposal is recognised as an adjusting item. Net gains on other disposals amounted to \u00a33 million. Integration costsThe integration costs of \u00a35 million are associated with the integration of the Group\u2019s US business following the acquisition of Hibbett. This is the first part of a significant multi-year programme to create an integrated platform for the nationwide growth of the JD Brand and Community fascias in North America with an efficient supply chain and back office. We are expecting this programme to deliver at least $25m annual savings over this time frame at a one-off cash cost of around 1x the savings delivered. Amortisation of acquired intangiblesAs disclosed in the FY24 annual report, we have extended the definition of adjusting items to include amortisation of acquired intangibles from our Profit before tax and adjusting items. This is a charge of \u00a357 million in the period. We have restated the FY24\ue655results for this change, leading to a \u00a349 million charge moving from administrative expenses to adjusting items within administrative expenses.Impairments of tangible and intangible asset and investmentsThe impairment of tangible and intangible assets and investments in the current period relates to the impairment of fascia names (\u00a33\ue655million), a debt owed by a joint venture partner (\u00a34 million), the impairment of fixed assets and closure costs (\u00a376 million) in relation to the Derby Distribution Centre and an impairment of right-of use assets and\ue655property, plant and equipment (\u00a329 million) to reflect the\ue655expected closure of 46 under-performing stores within JD Europe following a strategic review of the European store estate. The impairment of tangible and intangible assets in the prior period relates to the impairment of goodwill (\u00a312 million), fascia name (\u00a33\ue655million), right-of-use assets (\u00a33 million), and property plant and equipment (\u00a32 million) arising on the acquisition of Total Swimming Holdings Limited. The charge also includes goodwill impairment prior to the divestment of GymNation (\u00a38 million), the impairment of\ue655the Go Outdoors fascia (\u00a310 million) and impairment of the goodwill and fascia names on three non-core businesses (\u00a31 million)Foreign exchange movementsForeign exchange movements are losses on non-trading balances which are long term, interest bearing, non-trading intercompany loans held by JD Plc with foreign subsidiaries (in a foreign currency). The FX charge in FY24 was immaterial and has not been included in the table above.Put and call option charge / (credit) for the period The \u00a362 million charge is the movement in the present value of the put and call options for the buyouts of NCI of Genesis Topco Inc (\u00a368 million charge) and DTLR (\u00a36\ue655million credit). The charge on Genesis, the company that operates all our North America businesses and of which, the Group owns 80%, is driven by the acquisition of\ue655Hibbett, which has been brought into the Genesis group. In addition, there was a credit of \u00a36 million in relation to the DTLR option, which was revalued prior to the acquisition of the NCI which was completed in the period.5. Remuneration of DirectorsFull disclosure of the Directors\u2019 remuneration is given in the Directors\u2019 Remuneration Report on\ue655pages 114 to 139.52 weeks to 53 weeks to 1 February 3 February 2025 2024 \u00a3m\u00a3mDirectors' emoluments:As Non-Executive Directors 1 1 As Executive Directors 3 3 Pension contributions \u2013 \u2013 4 4 During the period, there were no Directors (2024: one) within the defined contribution pension scheme. Additional information in relation to the remuneration of key management personnel can be found in Note 36.6. Staff Numbers and CostsThe average number of persons employed by the Group (including Directors) during the period, analysed by category, was\ue655as\ue655follows:52 weeks to 53 weeks to 1 February 3 February 2025 2024 NumberNumberSales and distribution 85,023 75,491Administration 5,341 4,226Total average staff employed 90,364 79,717Full-time equivalents 59,756 53,499The aggregate payroll costs of these persons is charged to selling and distribution expenses and administrative expenses lines in the Consolidated Income Statement and is split as follows:52 weeks to 53 weeks to 1 February 3 February 2025 2024 \u00a3m\u00a3mWages and salaries 1,506 1,353 Social security costs 184 152 Pension costs 27 24 Share-based payments 1 3 Other employed staff costs 27 20 1,745 1,552 See Note 33 for details of the share-based payments made in the period.7. Finance Income Finance income is recognised in the Consolidated Income Statement on an effective interest method.52 weeks to 53 weeks to 1 February 3 February 2025 2024 \u00a3m\u00a3mBank interest 26 36 Other Interest 1 3 Finance income 27 398. Finance ExpensesFinance expenses comprise of interest payable on interest-bearing loans and borrowings and lease liabilities. The interest expense on borrowings is recognised using the effective interest method. The interest expense on lease liabilities is recognised over the lease periods so as to produce constant periodic rates of interest on the remaining balances of the liabilities.52 weeks to 53 weeks to 1 February 3 February 2025 2024 Note\u00a3m\u00a3mOn bank loans and overdrafts 33 8 Amortisation of facility fees 1 2 Interest on lease liabilities 16 84 Movement in the present value of the put and call options (adjusting items) 4 62 (6) Other interest 7 8 Finance expenses 215 969. Income Tax ExpenseThe total tax charge included in the Consolidated Income Statement consists of current and deferred tax. Current Income Tax Current tax is the expected tax payable on taxable income for the financial period, using the applicable enacted tax rates in each relevant jurisdiction. Tax expense is recognised in the Consolidated Income Statement except to the extent it relates to items recognised in the Consolidated Statement of Comprehensive Income or directly in the Consolidated Statement of Changes in Equity, in which case it is recognised in the relevant statement, respectively. Deferred TaxDeferred tax is accounted for using the balance sheet liability method, by providing for temporary differences that arise between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The following temporary differences are not provided for:\u2013 Goodwill not deductible for tax purposes.\u2013 The initial recognition of assets or liabilities that affect neither accounting nor taxable profit.\u2013 Differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future.Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset realised, based on the tax rates that have been enacted or substantively enacted by the balance sheet date. Deferred tax is charged or credited in the Consolidated Income Statement, except when it relates to items charged or credited directly to the Consolidated Statement of Changes in Equity or the Consolidated Statement of Comprehensive Income, in which case the deferred tax is recognised in the relevant statement, respectively. Deferred tax assets are reviewed at each reporting date. In considering their recoverability, the Group assesses the likelihood of them being recovered within a reasonably foreseeable timeframe and considers the future expected profit profile and business model of each\ue655relevant company or country, together with any legislative restrictions on use. This approach is consistent with that adopted for the assessment of other financial statement items, with the recognition period based on the appropriate jurisdictional tax rules. The estimates take account of the inherent uncertainties constraining the expected level of profit in some territories and any associated climate-related risks identified on page 57. Deferred tax assets and liabilities are offset against each other when there is a legally enforceable right to offset current taxation assets against current taxation liabilities and the intention is to settle these on a net basis. Tax provisions are recognised for uncertain tax positions where a risk of an additional tax liability has been identified and it is probable that the Group will be required to settle that tax. Measurement is dependent on management\u2019s expectation of the outcome of decisions by tax authorities in the various tax jurisdictions in which the Group operates. This is assessed on a case-by-case basis using in-house tax experts, professional advisers and previous experience. Pillar Two Model RulesThe OECD Pillar Two GloBE Rules (Pillar Two) introduce a global minimum corporation tax rate of 15% applicable to multinational enterprise groups with global revenue over \u20ac750m. All participating OECD members are required to incorporate these rules into national legislation. The Pillar Two rules applied to the Group for its accounting period commencing 4 February 2024. On 23 May 2023, the International Accounting Standards Board (IASB) amended IAS 12 to introduce a mandatory temporary exception to the accounting for deferred taxes arising from the jurisdictional implementation of the Pillar Two model rules. On 19 July 2023 the UK\ue655Endorsement Board adopted the IASB amendments to IAS 12.The definition of a \u2018Group\u2019 requires the impact of Pillar Two to be calculated in conjunction with that of Pentland Group Holdings Limited and its subsidiaries (\u2018the Pentland Group\u2019). The Group is working with the Pentland Group to ensure it will be compliant. The Group has performed an assessment of its exposure to Pillar Two income taxes and the Pillar Two current tax charge for the period ended 1 February 2025 is approximately \u00a30.3m (this excludes any liability of the wider Pentland Group). The Group is adopting the mandatory temporary exception from the recognition and disclosure of deferred taxes arising from the jurisdictional implementation of the Pillar Two model rules.The Group does not meet the threshold for application of the Pillar One transfer pricing rules.52 weeks to 53 weeks to 1 February 3 February 2025 2024 \u00a3m\u00a3mCurrent taxUK corporation tax at 25.0% (2024: 24.0%) 213 222 Adjustment relating to prior periods (17) (6) Total current tax charge 196 216 Deferred taxDeferred tax (origination and reversal of temporary differences) (23) (3) Adjustment relating to prior periods 2 (7) Total deferred tax (credit)/charge (21) (10) Income tax expense 175 206 52 weeks to 53 weeks to 1 February 3 February 2025 2024 \u00a3m\u00a3m(1)Profit before tax multiplied by the standard rate of corporation tax 25.0% (2024: 24.0%) 179 195 Effects of:(2)Expenses not deductible 15 31 (3)Put and call option movement not deductible 16 (3) (4)Depreciation and impairment of non-qualifying non-current assets 3 2 (5)Utilisation of previously unrecognised tax losses \u2014 (1) (6)Non-taxable income (23) (21) (7)Effect of tax rates in foreign jurisdictions (14) (10) (8)Research and development tax credits and other allowances (5) (5) (9)Adjustments related to prior periods (15) (13) (10)Other differences in tax rate \u2014 1 (11)Non-qualifying impairment of goodwill on consolidation \u2014 2 (12)Change in unrecognised temporary differences 4 13 (13)Other taxes due 15 15 Income tax expense 175 206 (1) The standard rate of corporation tax for the period is 25%, the UK mainstream tax rate. (2) Certain legal and professional fees, together with the losses incurred on the divestment of non-core businesses in the current period, are not deductible for\ue655tax\ue655purposes. (3) The movements in the put and call options per Note 25b are not deductible for tax.(4) The depreciation adjustment relates to UK assets which are not eligible for capital allowances.(5) Following a return to profitability of certain Group subsidiaries in the prior period, brought forward losses were utilised and a deferred tax asset recognised in\ue655respect of any remaining losses.(6) Non-taxable gain on the sale of shares in associates.(7) A proportion of the Group\u2019s profits arise outside of the UK and are taxed at the prevailing tax rate.(8) R&D and general business tax credits have been claimed in the US and Spain.(9) The prior period adjustment reflects net current and deferred tax movements between Group reporting provisions and submitted returns.(10) The adjustment reflects the difference between the deferred tax rate and corporate income tax rate.(11) The impairment of goodwill on consolidation and investments in associates are non-deductible for corporate income tax purposes and does not attract deferred\ue655tax. (12) The adjustment represents losses created in the period for which no deferred tax asset has been recognised, due to a lack of certainty over future taxable profits arising (see\ue655Note 27).(13) Other taxes due are primarily in respect of US state taxes but also includes local taxes payable in other overseas jurisdictions. In the current period, this includes \u00a30.3m of top up tax under the OECD Pillar Two GloBE Rules relating to operations in Ireland and Hungary. 10. Earnings Per Ordinary ShareBasic and Adjusted Earnings Per Ordinary ShareThe calculation of basic earnings per ordinary share at 1\ue655February 2025 is based on the profit for the period attributable to equity holders of the parent of \u00a3490 million (2024: \u00a3539 million) and a weighted average number of ordinary shares outstanding during the 52 week period ended 1\ue655February 2025 of 5,159,697,637 (2024: 5,158,135,745). There have been no other transactions involving ordinary shares or potential ordinary shares in the period. Adjusted basic earnings per ordinary share have been based on the profit for the period attributable to equity holders of the parent for each financial period but excluding the post-tax effect of adjusting items. The Directors consider that this gives a\ue655more useful measure of the trading performance and profitability of the Group.52 weeks to 53 weeks to 1 February 3 February 2025 2024 millionsmillionsIssued ordinary shares at beginning and end of period 5,183 5,183 (1)Restated52 weeks to 53 weeks to 1 February 3 February 2025 2024 \u00a3m\u00a3mProfit for the period attributable to equity holders of the parent 490 539 (1)(2)Adjusting items attributable to equity holders of the parent 194 149 (1)Tax relating to adjusting items attributable to equity holders of the parent (45) (29) Profit for the period attributable to equity holders of the parent excluding adjusting items 639 659 millions millionsWeighted average number of ordinary shares at end of the period (basic) 5,160 5,158 Dilution - Effect of potentially dilutive share options and awards \u2013 \u2013 Weighted average number of ordinary shares at the end of the period (diluted) 5,160 5,158 Basic earnings per ordinary share 9.50p 10.45p Diluted earnings per ordinary share 9.50p 10.45p (1) Adjusted basic earnings per ordinary share - restated 12.39p 12.81p (1)Adjusted diluted earnings per ordinary share - restated 12.39p 12.81p (1) See Note 4 for further details of the restatement.(2) Adjusting items and associated tax attributable to the equity holders of the parent only.11. AcquisitionsBusiness CombinationsThe Group accounts for business combinations using the acquisition method when control is transferred to the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect\ue655the returns through its power over the entity.Costs related to the acquisition, other than those associated with the issue of debt or equity securities, that the Group incurs in connection with a business combination are expensed within adjusting items as incurred.The consideration transferred in the acquisition is measured at fair value, as are the identifiable net assets acquired. Any goodwill that arises is tested annually for impairment; however, any resulting impairment will not be tax deductible. The consideration transferred does not include amounts related to the settlement of pre-existing relationships. Such amounts are generally recognised in the Consolidated Income Statement.Any contingent consideration is measured at fair value at the date of acquisition. If an obligation to pay contingent consideration that\ue655meets the definition of a financial instrument is classified as equity, then it is not remeasured, and the settlement is accounted for\ue655within equity. Otherwise, subsequent changes in the fair value of the contingent consideration are recognised in the Consolidated Income Statement.The valuation techniques used for measuring the fair value of material assets acquired are as follows:\u2013 Intangible assets (computer software) \u2013 The cost approach is used which reflects the amount that would be required to currently replace the service capacity of an asset (often referred to as current replacement cost). Under the Group's accounting policy, directly\ue655attributable software development costs in relation to the configuration and customisation of cloud computing arrangements are only capitalised to the extent they give rise to an asset controlled by the Group. \u2013 Intangible assets (fascia names and brand names) \u2013 The relief from royalty method considers the discounted estimated royalty payments that are expected to be avoided as a result of the intangible assets being owned.\u2013 Inventories \u2013 The fair value is determined based on the estimated selling price in the ordinary course of business less the estimated costs of completion and sale, and a reasonable profit margin based on the effort required to sell the inventories.\u2013 Leases \u2013 A right-of-use asset and lease liability are recognised, measured as if the acquired lease were a new lease at the date of\ue655acquisition. The fair value of the acquired leases is estimated by comparing the annual rent to a normalised rent level based on a market-oriented occupancy rate. The difference is calculated over the remaining lease term and discounted at the estimated pre-tax discount rate, adjusting the value of the right-of-use asset recognised under IFRS 16 \u2018Leases\u2019. The lease liability recognised is measured at the present value of the remaining lease payments, using a discount rate determined in accordance with IFRS 16 at the date of acquisition.\u2013 Owned property \u2013 The cost approach considers the cost to replace the existing property, less accrued depreciation, plus the fair value of the land. The value of the properties is derived by adding the estimated value of the land to the cost of constructing a reproduction or replacement for the improvements and then subtracting the amount of depreciation.\u2013 Plant and equipment \u2013 The depreciated replacement cost new valuation approach is utilised, reflecting adjustments for physical deterioration as well as functional and economic obsolescence.Any excess of the cost of acquisition over the fair values of the identifiable net assets acquired is recognised as goodwill. Any deficiency of the cost of acquisition below the fair values of the identifiable net assets acquired (discount on acquisition) is credited to the consolidated income statement in the period of acquisition. Current Period AcquisitionsAcquisition of Hibbett, Inc. (100%)On 25 July 2024, the Group acquired, via its existing subsidiary Genesis Holdings, Inc., 100% of the issued share capital of Hibbett, Inc. (\u2018Hibbett\u2019) for total cash consideration of $1,077 million (\u00a3835 million). The Genesis Holdings Group has a material 20% non-controlling interest. Please refer to Note 29 for further information.Headquartered in Birmingham, Alabama, Hibbett is a leading sports fashion-inspired retailer with 1,179 stores, as of 25 July 2024, located in communities in 36 states across the US. Hibbett has been serving customers for more than 75 years with convenient locations, personalised customer service and access to leading brands across footwear, apparel and accessories. The acquisition expands on the Group\u2019s presence in the US market.As part of the acquisition method of accounting, the assets and liabilities of Hibbett have been converted from US generally accepted accounting principles (GAAP) to IFRS Accounting Standards as adopted by the Group.The table below sets out the identifiable net assets attributable to the acquisition of Hibbett as of the acquisition date and includes the effects of adjustments on the acquisition date balance sheet made during the measurement period and detailed below.Provisional fairvalue atMeasurement25 JulyBook Valueadjustments2024\u00a3m\u00a3m\u00a3mAcquiree's net assets at acquisition date:Non-Current AssetsIntangible assets - fascia name 19 156 175 Intangible assets - other 7 \u2013 7 Property, plant and equipment 140 43 183 Right of Use Assets 221 20 241 Other Assets 16 (11) 5 Current AssetsInventories 292 (2) 290 Cash and cash equivalents 24 \u2013 24 Trade and other receivables 15 (5) 10 Prepayments 16 (2) 14 Income Tax 9 \u2013 9 Current LiabilitiesTrade and other payables \u2013 current (142) (2) (144) Lease Liability - current (53) 12 (41) Interest bearing loans - current (36) \u2013 (36) Non-Current LiabilitiesTrade and other payables \u2013 non-current (3) \u2013 (3) Lease Liability - non-current (203) 8 (195) Deferred Tax Liability (4) (51) (55) Net identifiable assets 318 166 484 Goodwill on acquisition 351 Total consideration 835 The excess of consideration paid over the fair value of the net assets on acquisition of \u00a3351 million represents goodwill that reflects the market position of the business, the assembled workforce, the potential future growth opportunities from existing and new retail stores, and cost synergies across our North American businesses. The goodwill has been allocated to the Community operating segment which is in line with where the value is expected to be recovered. The goodwill is not deductible for tax purposes at the consolidated level.Measurement adjustmentsAdditional intangible assets of \u00a3156 million have been recorded in relation to the acquisition with \u00a3175 million representing the fair value of fascia names acquired. Fascia names have been valued using the relief from royalty method. The basic tenet is that without ownership of the subject intangible asset, the user of that intangible asset would have to make a stream of payments to the owner of the asset in return for the rights to use that asset. By acquiring the intangible asset, the user avoids these payments. A royalty rate of 2.5% has been used based on a comprehensive benchmarking exercise performed.Deferred tax liabilities of \u00a351 million have been recognised in relation to intangible assets. Further measurement adjustments of \u00a361 million have been made to the acquisition date balance sheet of Hibbett. This amount includes a \u00a343 million increase in the value of property, plant and equipment and a \u00a32 million reduction in the value of inventory.In addition, as noted above, lease liabilities have been remeasured as if the acquired leases were a new lease at the acquisition date resulting in a decrease in the lease liability (current and non-current) of \u00a320 million. This decrease in the liability arises due to i) the application of a discount rate determined in accordance with IFRS 16 at the acquisition date and ii) alignment with the Group\u2019s IFRS 16 accounting policy whereby charges for non-lease service components are recognised directly in the Consolidated Income Statement (see lease accounting policy in Note 16). Under its previous US\ue655GAAP accounting policy, Hibbett elected to combine non-lease service components with a lease component and account for them\ue655as part of its fixed asset payments thus including them in the measurement of the lease liability. The associated right of use asset is remeasured on acquisition at an amount equal to the recognised lease liability and then adjusted to reflect the favourable or unfavourable terms of the lease, relative to market terms. The measurement difference in relation to prepayments and other assets reflects a difference in the accounting treatment of capitalised software development costs between the accounting policies of the Group and those policies previously applied by Hibbett under US\ue655GAAP. Under US GAAP, Hibbett capitalised certain costs relating to the configuration of cloud computing arrangements. Under the Group's accounting policy, directly attributable software development costs in relation to the configuration and customisation of cloud computing arrangements are only capitalised to the extent they give rise to an asset controlled by the Group. The Group has conducted an assessment and identified \u00a39 million of costs, capitalised as other assets and prepayments under US GAAP at the date of acquisition, which would not be capitalised under IFRS. As a result, an adjustment has been made to the opening balance sheet to reduce prepayments by \u00a32 million and other assets by \u00a37 million with a corresponding increase to goodwill. The remaining \u00a34 million decrease\ue655to other assets represents a reversal of a deferred tax asset no longer recognised. The trade and other receivables acquired of \u00a310 million, net of provision, are expected to be recovered in full. The gross trade and other receivables acquired amounted to \u00a310 million. Currently all balances remain provisional and will be finalised in the next accounting period. These balances remain provisional due to outstanding relevant information in regard to facts and circumstances that existed as of the acquisition date and/or where valuation work is still being finalised. Included in the 52 week period ended 1\ue655February 2025, was revenue of \u00a3713 million and a profit before tax and adjusting items of \u00a336\ue655million in\ue655respect of Hibbett.Acquisition costs amounting to \u00a328 million related to the acquisition of Hibbett by the Group have been recognised within adjusting items in the Consolidated Income Statement. \u00a319 million of these costs are cash costs of acquisition with \u00a39 million representing non cash costs of fair value uplifts post acquisition. See Note 4 for further information.Acquisition of Groupe Courir S.A.S (100%)On 26 November 2024, the Group acquired, via its existing subsidiary JD France 100% of the issued share capital of Groupe Courir S.A.S (\u2018Courir\u2019) for total cash consideration of \u20ac391.5 million (\u00a3326 million). Courir is a market leader in sneakers in France, which is the largest sneaker market in Europe, and this acquisition reinforces the Group\u2019s\ue655position within Europe. Courir has 323 stores as of 26 November 2024, bannered as Courir across France, Spain, Belgium, the\ue655Netherlands, Portugal and Luxembourg. In addition, there are a further 36 stores which trade under franchise agreements as Courir in North West Africa, Middle East and French overseas territories. Further, there are three stores which trade as Naked, an elevated concept for women's sneakers.The table below sets out the identifiable net assets attributable to the acquisition of Courir as of the acquisition date and includes the effects of adjustments on the acquisition date balance sheet made during the measurement period and detailed below.Measurement adjustments continuedProvisional fairvalue atMeasurement26 NovemberBook Valueadjustments2024\u00a3m\u00a3m\u00a3mAcquiree's net assets at acquisition date:Non-Current AssetsIntangible assets - fascia name 49 39 88 Intangible assets - other 16 (15) 1 Legacy Goodwill 127 (127) \u2013 Property, plant and equipment 22 9 31 Right of Use Assets 156 \u2013 156 Other Non current Assets 6 \u2013 6 Current AssetsInventories 117 5 122 Trade and other receivables 18 \u2013 18 Cash and cash equivalents 52 \u2013 52 Deferred Tax Asset 5 (2) 3 Current LiabilitiesTrade and other payables \u2013 current (122) \u2013 (122) Lease liabilities - current (26) \u2013 (26) Liabilities held-for-sale (7) \u2013 (7) Non-Current LiabilitiesInterest bearing loans - non-current (184) 19 (165) Lease liabilities - non-current (125) \u2013 (125) Provision - non-current (7) \u2013 (7) Deferred Tax Liability (1) (22) (23) Net identifiable assets 96 (94) 2 Goodwill on acquisition 324 NCI - Naked \u2013 Total consideration 326 The excess of consideration paid over the fair value of the net assets on acquisition of \u00a3324 million represents goodwill that reflects the market position of the business, the assembled workforce, the potential future growth opportunities from existing and new retail stores. The goodwill is not deductible for tax purposes at the consolidated level.Measurement adjustmentsThe Courir fascia name has been valued at \u00a388 million, resulting in a \u00a339 million uplift to the book value of \u00a349 million.The measurement difference in relation to Intangible assets reflects a difference in the accounting treatment of capitalised software development costs between Courir and the Group. Capitalisation of cloud computing is judgemental. While Courir capitalised certain costs relating to the configuration of cloud computing arrangements, under the Group\u2019s accounting policy, directly attributable software development costs in relation to the configuration and customisation of cloud computing arrangements are only capitalised to the extent they give rise to an asset controlled by the Group. The Group has conducted an assessment and identified \u00a315 million of costs, capitalised previously as intangible assets at the date of acquisition, which would not be capitalised under the accounting policies followed by the group. As a result, an adjustment has been made to the opening balance sheet to reduce Intangible assets by \u00a315 million with a corresponding increase to goodwill. Further fair value adjustments of \u00a310 million have been made to the acquisition date balance sheet of Courir. This amount includes a\ue655\u00a39\ue655million increase in the value of property, plant and equipment and a \u00a35 million increase in the value of inventory. Deferred tax liabilities of \u00a322 million have been recognised in relation to the fair value adjustments set out above. In addition, as a result of the transaction, deferred tax assets of \u00a32 million are no longer considered recoverable and so have been derecognised. The gross trade and other receivables acquired amounted to \u00a318 million and are expected to be recovered in full. As a result no provision has been recorded. At the date of acquisition, liabilities held for sale amounted to \u00a37 million relating to lease liabilities on the 21 stores sold to Snipes. Trade and other payables included a liability for convertible bonds of \u00a319 million, which had been issued by Courir to its previous shareholders. As part of the consideration for the acquisition (\u00a3326 million), the group also acquired the convertible bonds and the liability was written off with a corresponding impact to goodwill.Currently all balances remain provisional and will be finalised in the next accounting period. These balances remain provisional due to outstanding relevant information in regard to facts and circumstances that existed as of the acquisition date and/or where valuation work is still being finalised. Included in the 52-week period ended February 1, 2025 was revenue of \u00a3139 million and a profit before tax and adjusting items of \u00a39\ue655million in\ue655respect of Courir. Acquisition costs amounting to \u00a315 million related to the acquisition of Courir by the Group have been recognised within adjusting items in the Consolidated Income Statement. \u00a311 million of these costs are cash costs of acquisition with \u00a34\ue655million representing non cash costs of fair value uplifts post acquisition. See Note 4 for further information.Current Period Acquisitions \u2013 Acquisition of Non-Controlling InterestsAcquisition of the Non-Controlling Interest in Sport Zone Canaries (40%) and JD Canaries (10%)On 8 April 2024, JD Spain Sports Fashion 2010 SL acquired the 10% minority shareholding in JD Canary Islands Sports SL, (\u2018JD Canary\u2019) and SDSR \u2013 Sports Division SR, S.A. (\u2018Sport Zone Portugal\u2019) acquired the 40% minority shareholding in Sport Zone Canarias (SL). Total consideration for both shareholdings was \u20ac20 million (\u00a317 million). The JD Canary acquisition aligns with the JD Brand First strategy, whilst the Sport Zone Portugal acquisition promotes the JD Complementary Concepts. As the step-up acquisition in April 2024 does not result in a change of control, this has been accounted for as an equity transaction.Acquisition of the Non-Controlling Interest in DTLR Villa LLC (1.155%)On 15 July 2024, JD acquired 1.018% of the remaining 1.155% issued share capital in its existing subsidiary DTLR Villa LLC for cash consideration of $9 million (\u00a37 million). On 19 July 2024 JD acquired the remaining 0.137% issued share capital of DTLR Villa LLC for cash consideration of $1 million (\u00a31 million). The Group now owns 100% of the issued share capital of DTLR Villa LLC. In accordance with IFRS 10, the Group had previously assessed and concluded that it controlled the subsidiary. As the step-up acquisition in July 2024 does not result in a change of control, this has been accounted for as an equity transaction.Acquisition of the Non-Controlling Interest in JD GymsOn 28 October 2024, JD Sports Fashion plc acquired a further 2.5% minority shareholding in JD Sports Gyms Limited. Total consideration was \u00a35 million. JD now owns 97.5% of JD Sports Gyms. As the step-up acquisition in October 2024 does not result in a change of control, this has been accounted for as an equity transaction. Due to the step-up acquisition, the obligation to provide services was deemed to no longer exist and the related liability of \u00a34m was subsequently derecognised in equity.Acquisition of the Non-Controlling Interest in Mainline Menswear On 27 September 2024, the Group acquired the 20% minority shareholding in Mainline Menswear Limited for a total \u00a317 million consideration, including \u00a39 million deferred consideration, which has been accounted for under IAS 19 as a service cost. JD now owns the full 100% shareholding in Mainline. Please see Held-for-sale Note 37 for further\ue655details. As the step-up acquisition in September 2024 does not result in a change of control, this has been accounted for as an equity transaction.The table below presents the amounts recognised within retained earnings and non-controlling interest in the statement of changes in equity during the period:Non-controlling Retained earningsinterestTotal\u00a3m\u00a3m\u00a3mDTLR 4 4 8JD Sports Gyms (2) 2 \u2014JD Canaries 2 1 3 Mainline 3 5 8 Sport Zone Canaries 10 4 14 Total Consideration 17 16 33 Prior Period Acquisitions - Acquisition of Non-Controlling InterestsJD Sports Fashion Germany GmbHOn 25 April 2023, JD Sports Fashion Plc (\u2018JD\u2019) acquired the remaining 20% of the issued share capital in its existing subsidiary JD\ue655Sports Fashion Germany GmBH (\u2018JD Germany\u2019) for a cash consideration of \u20ac7 million (\u00a36 million). At the date of acquisition the Group held a put and call option liability on the remaining 20% which carried a value of \u00a30.4 million (see Note 25). The Group now owns 100% of the issued share capital of JD Germany. In accordance with IFRS 10, the Group had previously assessed and concluded that it controlled the subsidiary. As the step-up on 25 April 2023 does not result in a change of control, this was\ue655accounted for as an equity transaction.JD Sports Fashion SDN BDH On 30 August 2023, JD Sports Fashion Plc (\u2018JD\u2019) acquired the remaining 20% of the issued share capital in its existing subsidiary JD\ue655Sports Fashion SDN BDH (\u2018JD Malaysia\u2019) for a cash consideration of 196 million MYR (\u00a335 million). The Group now owns 100% of\ue655the issued share capital of JD Malaysia. In accordance with IFRS 10, the Group had previously assessed and concluded that it controlled the subsidiary. As the step-up on 30 August 2023 does not result in a change of control, this was accounted for as\ue655an\ue655equity transaction.Iberian Sports Retail Group S.L.On 10 October 2023, JD Sports Fashion Plc (\u2018JD\u2019) acquired the remaining 49.99% of the issued share capital in its existing subsidiary Iberian Sports Retail Group S.L. (\u2018ISRG\u2019) for a cash consideration of \u20ac500 million (\u00a3434 million). At the date of acquisition the Group held a put and call option liability on the remaining 49.99% which carried a value of \u00a3429 million (see Note 25). The Group now owns 100% of the issued share capital of ISRG. In accordance with IFRS 10, the Group had previously assessed and concluded that it controlled the subsidiary. As the step-up on 10 October 2023 does not result in a change of control, this was accounted for as an equity\ue655transaction.Marketing Investment Group S.A. On 21 December 2023, JD Sports Fashion Plc (\u2018JD\u2019) acquired the remaining 40% of the issued share capital in its existing subsidiary Marketing Investment Group S. A. (\u2018MIG\u2019) for a cash consideration of 343 million PLN (\u00a369 million). At the date of acquisition the Group held a put and call option liability on the remaining 40% which carried a value of \u00a368 million (see Note 25). The Group now owns 100% of the issued share capital of MIG. In accordance with IFRS 10, the Group had previously assessed and concluded that it controlled the subsidiary. As the step-up on 21 December 2023 does not result in a change of control, this was accounted for as\ue655an\ue655equity transaction.Other Acquisitions of Non-Controlling InterestDuring the period ended 3 February 2024, the Group made four other acquisitions of non-controlling interests which were not material for a cash consideration of \u00a38 million. The table below presents the amounts recognised within retained earnings and non-controlling interest within the statement of changes in equity during the prior period.Retained Earnings Non-controlling \u00a3minterest \u00a3m Total \u00a3mAcquisition of non controlling interest ISRG 308 126 434 JD Germany 11 (5) 6 JD Malaysia 32 3 35 MIG 44 25 69 Other 8 \u2013 8 Total consideration 403 149 55212. DivestmentsCurrent Period Divestments - Applied Nutrition The Group had an equity interest in a single associate, Applied Nutrition Limited (\u2018Applied Nutrition\u2019). On 7 May 2021, the Group acquired a 32% ownership interest in, and had significant influence over, Applied Nutrition. Applied Nutrition is a sports nutrition brand which operates via wholesale activities and a trading website. On 24 October 2024, Applied Nutrition undertook an initial public offering and admitted its entire issued ordinary share capital, consisting of 250,000,000 shares, to the London Stock Exchange plc\u2019s main market for listed securities. The Group disposed of 21.58% of its shareholding in Applied Nutrition on 24 October 2024 for net proceeds of \u00a373 million. At 1 February 2025 the Group holds 9.78% ownership in Applied Nutrition.On disposal of its 21.58% shareholding, the Group ceased to hold significant influence over Applied Nutrition and has de-recognised its investment in associate. The remaining 9.78% is accounted for as a financial asset under IFRS 9. The fair value of the retained interest was \u00a334 million. Please refer to Note 19 for further information.A gain of \u00a351 million arising from the disposal and gain on revaluation of the retained investment on the date of classification amounting to \u00a324 million is recognised in profit and loss as an adjusting item included in \u2018Divestment and restructuring\u2019 line.Current Period Divestments \u2013 Non-Significant Divestments On 16 October 2024, the group disposed of Total Swimming Holdings Limited (60% equity interest) including its subsidiaries. The total\ue655consideration of \u00a311 million. The non-controlling interest at disposal was \u00a31.4 million. The gain on disposal, net of disposal costs is\ue655\u00a314 million. On 20 November 2024, the Group disposed of its 49% equity interest shareholding in a joint venture, PT JD Sports Fashion Indonesia (\u2018JD Indonesia\u2019), for cash consideration of \u00a36 million. The loss on disposal net of disposal costs is \u00a31 million. On 28 July 2024, the Group disposed of Gym King Limited (40% equity interest) a fixed asset investment in a joint venture for cash consideration of \u00a32 million. The loss on disposal net of disposal costs is \u00a31 million. On 7 March 2024, the Group disposed of Bodytone Limited (50.1% equity interest) for cash consideration of \u20ac2 million (\u00a32 million). The\ue655non-controlling interest at disposal was \u00a33.6 million. The loss on disposal net of disposal costs is \u00a31 million.The total net gain on divestments of \u00a311 million is offset with an \u00a38 million loss on divestments and restructuring of non-core group companies from the prior year.The total gain on non-significant divestments amounts to \u00a33 million. Prior Period DivestmentsOn 16 December 2022, the Group announced its plan to significantly simplify its business offering through the divestment of a number of non-core businesses in order to focus more fully on the opportunities across the rest of the Group. As a result, 16 businesses in total were divested for total cash consideration of \u00a319 million received in the period ended 3 February 2024, with deferred consideration of \u00a32 million.The Group completed the divestment of 12 businesses for \u00a315 million at various dates in the period ended 3 February 2024:\u2013 Tessuti Group Limited (100% equity interest) \u2013 including its subsidiaries Tessuti Limited 87.5% equity interest), Tessuti (Ireland) Limited (87.5% equity interest), Tessuti Retail Limited 100% equity interest) and Prima Designer Limited (100% equity interest) (divested on 7 February 2023);\u2013 Choice Limited (87.5% equity interest) \u2013 including its subsidiary Choice 33 Limited (87.5% equity interest) (divested on 7 February 2023);\u2013 Giulio Limited (87.5% equity interest) \u2013 including its subsidiaries Giulio Fashion Limited (87.5% equity interest) and Giulio Woman Limited (87.5% equity interest) (divested on 7 February 2023);\u2013 R.D. Scott Limited (100% equity interest) (divested on 7 February 2023);\u2013 Catchbest Limited (80% equity interest) (divested on 7 February 2023);\u2013 Rascal Clothing Limited (75% equity interest) (divested on 6 February 2023);\u2013 Source Lab Limited (85% equity interest) (divested on 28 February 2023);\u2013 Topgrade Sportswear Holdings Limited including its subsidiaries Topgrade Sportwear Limited and GetTheLabel.com Limited (80%\ue655equity interest) (divested on 2 March 2023);\u2013 Woodlandslove Limited (80% equity interest) (divested on 9 March 2023);\u2013 80s Casual Classics Limited including its subsidiary Modern Casuals Limited (70% equity interest) (divested on 26 May 2023);\u2013 Bernard Esher Limited (80% equity interest) (divested on 4 July 2023); and\u2013 Hairburst Holding Group Limited including its subsidiaries Hair Burst Limited, JMH Cosmetics Limited and Mrblancteeth Limited (75%\ue655equity interest) (divested on 24 July 2023).In addition, on 23 May 2023, the Group disposed of Brand Stable Limited (49% equity interest) a fixed asset investment in a joint venture for cash consideration of \u00a31 million. On 2 February 2024, the group sold 0.64% of its holding in Applied Nutrition Limited, while still retaining the Group as an associate, for\ue655cash consideration of \u00a32 million. The consideration was received fully in cash during the period. Costs to sell were immaterial.On 30 August 2023, the Group disposed of SEA Sports Fashion SDN BHD (60% equity interest). The total cash consideration was\ue655\u00a31.Additionally, on 20 December 2023, the Group disposed of Kukri Sports Limited (75% equity interest) including its subsidiaries Kukri Asia Limited (100% equity interest), Kukri Sports Middle East JLT (100% equity interest, Kukri GB Limited (100% equity interest), Kukri PTE Limited (100% equity interest), Kukri NZ Limited (75% equity interest), Kukri Events Limited (100% equity interest), Kukri Sports Ireland Limited (100% equity interest), Frank Harrison Limited (90% equity interest), Kukri Sports Canada Inc (75% equity interest), Kukri (HK) Limited (100% equity interest), Kukri Australia Pty Limited (100% equity interest), Kukri (Shanghai) Limited (100% equity interest) and Squirrel Sports Limited (100% equity interest). The total consideration was \u00a33 million, of which \u00a31 million was deferred. GymNationOn 1 November 2023, the Group disposed of GymNation Holding Ltd (78.2% equity interest) including its subsidiary GymNation LLC. The total consideration was \u00a334 million. The net assets of the business were classed as held for sale in the half-year results. At the date of the disposal, the carrying amounts of GymNation\u2019s net assets were \u00a330 million, total consideration received \u00a334 million, and gain on disposal net of disposal costs was \u00a34 million. Focus Brands LimitedOn 24 January 2024, the Group disposed of Focus Brands Limited (100% equity interest) including its subsidiaries Focus Group Holdings Limited (100% equity interest), Focus International Limited (100% equity interest), Focus Sports & Leisure International Limited (100% equity interest), Focus Equipment Limited (100% equity interest), Focus International NL B.V. (100% equity interest) and Focus Italy S.p.a. (100% equity interest). The total consideration was \u00a38 million, of which \u00a35 million was deferred. This decision was made following the half-year announcement; therefore, the net assets were not classed as held for sale. At the date of the disposal, the carrying amounts of Focus Group\u2019s net assets were \u00a332 million, total consideration received \u00a38 million, and loss on disposal net of disposal costs was \u00a324 million. Sports Unlimited Retail B.VOn 6 December 2023, the Group made the decision to close the Sports Unlimited Retail B.V (\u2018SUR\u2019) business. On this date, the entity was put into bankruptcy and the control over the trade and assets of SUR was transferred to an independent trustee. No consideration was received. The net gain on disposal has been treated as an adjusting item (see Note 4). At the date of the disposal, the carrying amounts of SUR\u2019s net liabilities were \u00a336 million total consideration received \u00a3Nil, and gain on disposal net of disposal costs was \u00a336\ue655million.13. Intangible AssetsThe Group recognises intangible assets in respect of goodwill, brand licences, brand names, fascia names, customer relationships, and software development. Group accounting policy for their recognition, measurement and subsequent treatment is explained below. All intangible assets are subject to impairment testing. The approach and findings of impairment reviews performed during the year are set out at the end of this note. There have been a number of intangible asset acquisitions during the period, relating to the Hibbett and Courir acquisitions. Further details, including the fair value of the assets acquired, are provided in Note 11.Recognition, measurement and subsequent treatment of intangible assetsGoodwillGoodwill represents amounts arising on acquisition of subsidiaries. The Group measures goodwill at the acquisition date as:\u2013 the fair value of the consideration transferred; plus\u2013 the recognised amount of any non-controlling interests in the acquiree; plus\u2013 if the business combination is achieved in stages, the fair value of the existing equity interest in the acquiree; less\u2013 the net recognised amount of the identifiable assets acquired and liabilities assumed.When the excess is negative, the gain on bargain purchase is recognised immediately in the Consolidated Income Statement.On disposal of a subsidiary, the attributable amount of goodwill is included in the determination of the profit/loss on disposal.Goodwill is stated at cost less any accumulated impairment losses. Goodwill is not amortised but is instead is tested annually for impairment and whenever there is an indication that the goodwill may be impaired: see policy below. Brand Licences Brand licences are recognised when the Group enters into a licensing agreement with a brand to license their products in return for royalty payments across the term of the contract. On entering into the contract, the licence is assigned a cost based on the discounted contractual minimum royalty payments across the licence term. The cost of the licence is then simultaneously recognised as an intangible asset for the use of the brand licence and a liability for the royalty payments due. Brand licences are stated at cost less accumulated amortisation and impairment losses. Amortisation of brand licences is charged to the Consolidated Income Statement within cost of sales over the term to the licence expiry on a straight-line basis. The remaining useful economic lives of brand licences as at 1 February 2025 range over a period of three months to nine years (2024: three months to ten years). Brand NamesBrand names acquired as part of a business combination are stated at fair value as at the acquisition date less accumulated amortisation and impairment losses. Brand names separately acquired are stated at cost less accumulated amortisation and impairment losses. The useful economic life of each purchased brand name is considered to be finite and is typically between five and ten years. In determining the useful economic life of each brand name, the Board considers the market position of the brands acquired, the nature of\ue655the market that the brands operate in, typical product life-cycles of the brands and the useful economic lives of similar assets that are\ue655used in comparable ways. Brand names are amortised on a straight-line basis over their useful economic lives and the amortisation charge is included within adjusted administrative expenses in the Consolidated Income Statement.Fascia NamesSeparately identifiable fascia names acquired are stated at fair value as at the acquisition date less accumulated amortisation and impairment losses. The initial fair value is determined by using a \u2018royalty relief\u2019 method of valuation. This is based on an estimation of future sales and the choice of a suitable royalty and discount rate in order to calculate the present value. This method involves calculating a net present value for each fascia name by discounting the projected future royalties expected using a finite useful economic life for each fascia. The future royalties are estimated by applying a suitable royalty rate to the sales forecast.Store and online fascia names are considered to have a finite useful economic life. The estimated useful economic lives are as\ue655follows:\u2013 Online fascia names 3 to 10 years\u2013 Store fascia names 5 to 10 years The factors that are considered when determining the useful life of each fascia name are as follows:\u2013 The strength of the respective fascia names in the relevant sector and geographic region where the fascia is located.\u2013 The history of the fascia names and that of similar assets in the relevant retail sectors. \u2013 The commitment of the Group to continue to operate these stores separately for the foreseeable future, including the ongoing investment in new stores and refurbishments.\u2013 The impact of increased competition in the marketplace as a result of reduced barriers to entry and its impact on the useful life of online fascia names.The remaining useful economic lives of fascia names as at 1\ue655February 2025 range over a period of three to ten years (2024:\ue655four to eight\ue655years). Fascia names are all amortised over the useful economic life on a straight-line basis and the amortisation charge is included within adjusted administrative expenses in the Consolidated Income Statement.Customer RelationshipsCustomer relationships acquired as part of a business combination are stated at fair value as at the acquisition date less accumulated amortisation and impairment losses.Amortisation of customer relationships is charged to the Consolidated Income Statement within adjusted administrative expenses over the estimated useful life of one to five years on a straight-line basis. Software DevelopmentSoftware development costs (including website development costs) are capitalised as intangible assets if the technical and commercial feasibility of the project has been demonstrated, the future economic benefits are probable, the Group has an intention and ability to\ue655complete and use or sell the software and the costs can be measured reliably. Costs that do not meet these criteria are expensed as\ue655incurred. Software development costs are stated at historic cost, less accumulated amortisation. Capitalised software costs comprise software under the control of the Group.Software development costs are all amortised over a period of two to seven years on a straight-line basis and the amortisation charge is\ue655included within administrative expenses in the Consolidated Income Statement. Software development includes \u00a31 million (2024: \u00a3Nil) of\ue655internally generated software development. Directly attributable software development costs in relation to the configuration and customisation of cloud computing arrangements, including Software-as-a-Service (\u2018SaaS\u2019) are only capitalised to the extent they give rise to an asset controlled by the Group. Where control cannot be demonstrated, expenditure in relation to such costs is expensed in the period it is incurred. 13. Intangible Assets continuedBrand CustomerSoftware GoodwilllicencesBrand namesFascia namerelationshipsdevelopmentTotal\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mCost of valuationAt 28 January 2023 1,239 96 22 521 14 122 2,014 Additions \u2013 73 \u2013 \u2013 \u2013 30 103 Reclassifications \u2013 \u2013 \u2013 (8) \u2013 (2) (10) Disposals \u2013 (1) \u2013 \u2013 \u2013 (7) (8) Divestments (Note 12) (58) \u2013 (1) (16) \u2013 \u2013 (75) Transfer to assets held -for-sale (Note 37) (7) \u2013 \u2013 \u2013 \u2013 \u2013 (7) Exchange Differences (20) \u2013 \u2013 (6) \u2013 (2) (28) At 3 February 2024 1,154 168 21 491 14 141 1,989 Additions \u2013 16 \u2013 \u2013 \u2013 28 44 Acquisitions 678 1 \u2013 260 2 7 948 Reclassifications \u2013 \u2013 \u2013 \u2013 \u2013 6 6 Transfer from assets held-for-sale (Note 37) 7 \u2013 \u2013 \u2013 \u2013 \u2013 7 Disposals \u2013 (3) (4) \u2013 \u2013 (2) (9) Divestments (Note 12) (23) \u2013 \u2013 (10) \u2013 \u2013 (33) Exchange differences 27 (1) \u2013 11 \u2013 \u2013 37 At 1 February 2025 1,843 181 17 752 16 180 2,989 Amortisation and impairmentAt 28 January 2023 192 20 17 190 4 90 513 Charge for the period \u2013 8 1 45 3 16 73 (1)Impairments 21 \u2013 \u2013 14 \u2013 \u2013 35 Reclassifications \u2013 \u2013 \u2013 (8) \u2013 \u2013 (8) Disposals \u2013 (1) \u2013 \u2013 \u2013 (6) (7) Divestments (Note 12) (36) \u2013 (1) (7) \u2013 \u2013 (44) Exchange differences \u2013 \u2013 \u2013 (1) \u2013 (1) (2) At 3 February 2024 177 27 17 233 7 99 560 Charge for the period \u2013 18 1 51 4 23 97 (1)Impairments \u2013 \u2013 \u2013 5 \u2013 \u2013 5 Reclassifications \u2013 \u2013 \u2013 \u2013 \u2013 (1) (1) Disposals \u2013 \u2013 (5) \u2013 \u2013 (1) (6) Divestments (Note 12) (23) \u2013 \u2013 (10) \u2013 \u2013 (33) Exchange differences \u2013 \u2013 \u2013 2 1 \u2013 3 At 1 February 2025 154 45 13 281 12 120 625 Net book valueAt 1 February 2025 1,689 136 4 471 4 60 2,364 At 3 February 2024 977 141 4 258 7 42 1,429 (1) The impairment charge for the period of \u00a35 million (2024: \u00a335 million) has been treated as an adjusting item. See Note 4 for adjusting\ue655items.Impairment of intangible assetsGoodwill is tested for impairment annually or where there is an indication that impairment may exist. The Group does not have any intangible assets with an indefinite useful life or that have not yet been brought into use. The Group\u2019s annual impairment test has been performed at the end of November 2024. In the prior year the impairment test was performed at the end of July 2023.Other intangible assets with finite lives are tested for impairment only if indicators of impairment exist. Impairment testing is performed at the asset level where possible, or otherwise the cash-generating unit (CGU) being the smallest identifiable group of assets that generate cash inflows that are largely independent of cash inflows from other assets or groups of assets. Corporate assets that contribute to the future cash flows of multiple CGUs are allocated to individual CGUs if possible to do so\ue655on a reasonable and consistent basis, and are otherwise tested for impairment by reference to the cash flows from the smallest grouping of CGUs that they can be allocated to. When an impairment test is performed, recoverable amount is assessed by reference to the higher of the value in use of the relevant CGU and its fair value less costs of disposal.Impairment losses are recognised within adjusted administrative expenditure in the Consolidated Income Statement. Where a CGU is impaired, the impairment is first allocated to any goodwill and then to the other assets of the unit. Identification of Cash-Generating UnitsThe Group considers each store to be a separate CGU capable of generating independent cash flows. A separate online CGU also exists within each fascia. Intangible assets cannot be allocated to individual store and online CGUs on a reasonable and consistent basis and therefore the following approach is taken: \u2013 Goodwill is allocated by grouping store and online CGUs at the operating segment level, reflecting the grouping for internal reporting. The Group\u2019s operating segments are set out in the goodwill impairment testing section below. \u2013 Store and online CGUs operate under a fascia name and each fascia makes use of brand names, licences, customer relationships and software. Therefore, store and online CGUs are grouped into fascia CGUs for the purpose of testing these assets for impairment. Set out below are the results of impairment testing performed during the year. Assets allocated to fascia CGUs are considered first reflecting the order that impairment testing was performed. Fascia CGUsThe impairment charge of \u00a35 million in the current period is a result of impairment of Swim! before divestment, negative growth in the Blacks fascia and lower than anticipated trading results in the 50 Styles fascia within MIG, which is being phased out.In the period ended 3 February 2024, a total of \u00a314m of impairment was recognised in relation to fascia intangible assets across the Go\ue655Outdoors, Livestock, Wheelbase and Swim CGUs.GoodwillNo impairments have been recognised in the current period in relation to testing goodwill for impairment. In the period ended 3\ue655February, a total of \u00a321m of impairment was recognised across the Allsport, Gymnation and Swim CGUs.During the year there was a change to the composition to the Group\u2019s operating and reportable segments, see Note 2 for further detail. This has triggered a need to reassess the segments to which the Group\u2019s goodwill is allocated. The new operating segments represent the lowest level within the Group at which goodwill is monitored for internal management purposes, and the level at which impairment tests are performed. We have therefore reallocated goodwill across these segments.The table below presents the carrying amount of goodwill against each of the new operating and reporting segments:(1)Restatedtotal goodwill Goodwill 2025 2024 Reportable Segment\u00a3m\u00a3mJD UK JD 24 16 JD Europe JD 93 94 JD Active JD 17 15 JD & FL North America JD 123 120 Brand Builders JD 3 3 Complementary Complementary Concepts 325 \u2014 Community Complementary Concepts 1,031 654 Sporting Goods Sporting Goods and Outdoors 68 70 Outdoor Sporting Goods and Outdoors 5 5 1,689 977 (1) 2024 goodwill has been restated under the new operating segments, with the rationale outlined above.AcquisitionsGoodwill recognised within the Complementary operating segment during the period relates to the acquisition of Courir, which was completed near the end of the financial period on 27 November 2024. At the reporting date, the Group has not yet completed the full allocation of the purchase price to the identifiable assets acquired and liabilities assumed. As such, the goodwill amount recognised is provisional and subject to adjustment within the 12-month measurement period, in accordance with IFRS 3 Business Combinations.As part of the initial fair value exercise performed for the opening balance sheet of Courir, management has assessed that the carrying amount of goodwill is currently recoverable. No indicators of impairment were identified at the reporting date. However, given the proximity of the acquisition to period-end, and that the acquisition completed after the annual impairment testing cycle, and in accordance with IAS 36 Impairment of Assets, a full impairment test will be performed in FY26 when the purchase price allocation has been finalised and further financial information becomes available.Goodwill of \u00a3351 million has been recognised on the acquisition of Hibbett within the Community operating segment during the period. As part of the initial fair value exercise performed for Hibbett\u2019s opening balance sheet, management has assessed that the carrying amount of goodwill is currently recoverable. No indicators of impairment were identified at the reporting date. A full impairment test has been completed at period end in line with the methodology outlined above with the carrying amount of goodwill being deemed recoverable. The Group will continue to monitor the performance of the acquired businesses and reassess the carrying amount of goodwill accordingly.Below we have presented the key assumptions used in the goodwill impairment models.For the 52 week period ended 1\ue64aFebruary 2025Impairment model assumptions usedLong term revenue growth Pre-tax (1)(1)Reportable SegmentrateGross margin ratediscount rateJD UK JDGross margins assumed to be consistent with historic levels and 2.0% the approved five year plan. 12.2% JD Europe JDGross margins assumed to be consistent with historic levels and 0.0% the approved five year plan. 14.1% JD Active JDGross margins assumed to be consistent with historic levels and 2.0% the approved five year plan. 10.5% JD & FL North America JDGross margins assumed to be consistent with historic levels and 2.5% the approved five year plan. 13.3% Outdoor Sporting Goods Gross margins assumed to be consistent with historic levels and and Outdoors 0.0% the approved five year plan. 10.8% Sporting Goods Sporting Goods Gross margins assumed to be consistent with historic levels and and Outdoors 1.5% the approved five year plan. 10.3% Community Complementary Gross margins assumed to be consistent with historic levels and Concepts 2.0% the approved five year plan. 14.0% (1) Growth rates and discount rates have not been presented for JD Asia Pacific, this is due to there being no intangible assets to assess as part of an impairment model. The\ue655growth rates presented are the long term revenue growth rates post FY30 applied to the cashflows in the impairment models in order to derive the terminal value.Key Assumptions Used in Value-In-Use Calculations and Sensitivity to Changes in AssumptionsThe calculation of value-in-use for CGUs and groups of CGUs is most sensitive to the following assumptions:\u2013 Gross margins\u2013 Discount rates\u2013 Long term revenue growth ratesThe cash flow projections used in the value-in-use calculations are all based on the Group\u2019s five-year Board approved forecast. The\ue655forecasts are extrapolated based on estimated long-term average growth rates. Estimates are based on past experience and expectations of future changes in the market, including the prevailing economic climate and global economy, competitor activity, market dynamics, changing customer behaviours, structural challenges facing retail and the resilience afforded by the Group\u2019s operational scale.Gross MarginsGross margins are based on the same values as forecast in the Board approved budget and 5 year plan. These are generally expected to\ue655remain constant over the five year forecast period.Discount RatesDiscount rates represent the current market assessment of the risks specific to each CGU and group of CGUs, taking into consideration the time value of money and individual risks of the underlying assets that have not been incorporated in the cash flow estimates. The\ue655discount rate calculation is based on the specific circumstances of the Group and its operating segments and is derived from its weighted average cost of capital (\u2018WACC\u2019).Growth RatesThe short-term revenue growth rate is based on the Board approved average annual growth rates for the five year period following the\ue65552 week period ending 1\ue655February 2025.The terminal growth rate as disclosed above is the rate used thereafter, which is an estimate of the growth based on past experience within the Group, taking account of economic growth forecasts for the relevant sector and geography. The long-term growth rates have been compared to published industry research and the lower of the growth rates have been used in the value-in-use calculation.Sensitivity AnalysisThe Group has carried out sensitivity analysis on the reasonably possible changes in key assumptions in the impairment tests for:(a) each operating segment to which goodwill has been allocated; and (b) for each group of CGUs at a fascia level. Management has considered the possibility of each business achieving less revenue and gross profit % than forecast to ascertain the level at which headroom would be eroded and the level at which a material impairment would occur. Whilst any reduction in revenue would be partially offset by a reduction in revenue-related costs, management would also take actions to mitigate the loss of gross profit by reducing other costs. With regard to the assessment of value-in-use of all groups of CGUs and operating segments with headroom, management believes that there are no reasonably possible changes in any of the key assumptions which would cause the carrying value to materially exceed its recoverable amount and we do not consider this to be a critical estimate. Management does not consider there to be a reasonably possible change in any of the key assumptions in the group of CGUs, or with impairment charges that would materially increase the impairment recognised in the period.Sensitivity analysis has been performed, and there are no intangibles which would be materially impacted by reasonably possible changes to key assumptions that would have a material impact on the carrying value of intangibles. This is due to the significant headroom identified from the value-in-use calculations. 14. Property, Plant and EquipmentOwned AssetsItems of property, plant and equipment are stated at cost less accumulated depreciation and impairment losses. Where parts of an\ue655item of property, plant and equipment have different useful economic lives, they are accounted for as separate items.Depreciation Depreciation is charged to the Consolidated Income Statement over the estimated useful life of each part of an item of property, plant and equipment. The estimated useful economic lives are as follows:\u2013 Freehold land \u2013 not depreciated\u2013 Long leasehold and freehold properties \u2013 2% per annum on a straight-line basis\u2013 Improvements to short leasehold properties \u2013 life of lease on a straight-line basis \u2013 Computer equipment \u2013 3\u20134 years on a straight-line basis\u2013 Fixtures and fittings \u2013 5\u20137 years, or length of lease if shorter, on a straight-line basis\u2013 Motor vehicles \u2013 25% per annum on a reducing balance basisThe Group reviews the estimated residual values and expected useful lives of assets at least annually. In particular, the Group considers the impact of health, safety and environmental legislation in its assessment of expected useful lives and estimated residual values. Furthermore, the Group considers climate-related matters, including physical and transition risks. Specifically, the\ue655Group determines whether climate-related legislation and regulations might impact either the useful life or residual values, e.g.\ue655by imposing additional energy efficiency requirements on the Group\u2019s buildings and office properties.DisposalsGains or losses arising on the disposal of property, plant and equipment are determined as the difference between the disposal proceeds and the carrying amount of the assets and are recognised in the Consolidated Income Statement either within other income or\ue655other\ue655expenses.Impairment of Property, Plant and Equipment and Non-Current Other AssetsProperty, plant and equipment and non-current other assets are reviewed for impairment if events or changes in circumstances indicate that the carrying amount of an asset or a cash-generating unit is not recoverable.The Group treats individual retail stores and the online operations of each fascia as separate cash-generating units (\u2018CGUs\u2019) for the purpose of impairment testing as this is the level at which largely independent cash flows are generated. Each store CGU comprises associated property, plant and equipment and right-of-use assets (as disclosed in Note 16), and is tested for impairment at the balance sheet date if any indicators of impairment have been identified.Owned corporate assets, being office and warehouse properties along with associated fixtures and fittings and plant and equipment, cannot be allocated to individual store CGUs on a reasonable and consistent basis. They have been tested for impairment by reference\ue655to the cash flows generated by the smallest grouping of store CGUs that they can be allocated to, being the region or fascia\ue655that they serve.The recoverable amount of each store CGU is the higher of its value-in-use and its fair value less costs of disposal.The value-in-use of each CGU has been calculated using discounted cash inflows derived from the Group\u2019s latest Board approved plans, taking into account the projected impact of future sales growth, and reflects historic performance and knowledge of the current market, together with the Group\u2019s views on the future achievable growth. Cash flows beyond the plan period are extrapolated using growth rates appropriate to each store\u2019s location. Cash flows have been included for the remaining lease life for the specific store and assumptions around lease extensions have been applied where appropriate, reflecting stores as CGUs that typically operate for a longer period than the recognised lease term.The key assumptions on which the forecast cash flows of the CGUs are based include revenue and the pre-tax discount rates. Other assumptions in the model relate to gross margin, cost inflation, growth rates and lease extensions.Discount rates represent the current market assessment of the risks specific to each CGU and group of CGUs, taking into consideration the time value of money and individual risks of the underlying assets that have not been incorporated in the cash flow estimates. The\ue655discount rate calculation is based on the specific circumstances of the Group and its operating segments and is derived from its weighted average cost of capital (\u201cWACC\u201d) which has been calculated using the capital asset pricing model, the inputs of which include the risk-free rate, equity risk premium, Group size premium and a risk adjustment (beta).Impairment losses recognised in prior periods are assessed at each reporting period date for any indications that the loss has decreased or no longer exists. An impairment loss is reversed if there has been a sustainable change in the estimates used to determine the recoverable amount, and if so is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that\ue655would be held (net of depreciation) if no impairment had been realised.Impairment charges of \u00a382 million (2024: \u00a39 million) relate primarily to the impairment of assets within the Derby distribution centre, which is currently held for sale; and to all classes of property, plant and equipment in store CGUs where there has been an impairment indicator and following which a full impairment review has been performed. The loss is based on the specific revenue streams and costs attributable to the store CGU. Assets in impaired store CGUs are written down to their recoverable amount which is calculated as the higher of the fair value less costs to sell and value-in-use.The impairment charge recognised is not materially sensitive to reasonably possible changes in the key assumptions set out above.Included within the depreciation charge for the period ended 1\ue655February 2025 is accelerated depreciation of \u00a36 million (2024: \u00a31 million) following a review of the useful economic life of certain items of property, plant and equipment and assets capitalised.Freehold land, long leasehold Improvements to and freehold short leasehold Assets under Fixtures and Computer Motor propertiespropertiesconstructionfittingsequipmentvehiclesTotal\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mCostAt 28 January 2023 96 278 24 991 97 7 1,493 Additions 13 122 57 303 34 1 530 Disposals (1) (17) \u2013 (32) (3) (1) (54) Divestments (Note 12) \u2013 \u2013 \u2013 (37) (8) \u2013 (45) Reclassifications (4) 12 (16) (10) (1) \u2013 (19) Exchange differences (1) (6) (1) (15) (2) \u2013 (25) Transfer to investment property (Note 15) (5) \u2013 \u2013 \u2013 \u2013 \u2013 (5) Transfer to assets held-for-sale (Note 37) \u2013 \u2013 \u2013 (2) \u2013 \u2013 (2) At 3 February 2024 98 389 64 1,198 117 7 1,873 Additions 16 100 42 291 27 2 478 Disposals \u2013 (21) \u2013 (79) (6) (1) (107) Divestments (Note 12) (4) (2) (1) (16) \u2013 \u2013 (23) Reclassifications (5) 14 82 (92) 1 \u2013 \u2013 Acquisitions 38 83 10 55 38 3 227 Exchange differences \u2013 4 1 (17) \u2013 \u2013 (12) Transfer to assets held-for-sale (Note 37) \u2013 \u2013 \u2013 (93) \u2013 \u2013 (93) At 1 February 2025 143 567 198 1,247 177 11 2,343 Depreciation and impairmentAt 28 January 2023 18 84 \u2013 468 44 4 618 Charge for the period 4 43 \u2013 111 19 1 178 Disposals \u2013 (13) \u2013 (29) (2) (1) (45) Divestments (Note 12) \u2013 \u2013 \u2013 (19) (4) \u2013 (23) (1)Impairment charge for the period \u2013 \u2013 \u2013 9 \u2013 \u2013 9 Exchange differences \u2013 (2) \u2013 (10) (1) \u2013 (13) Transfer to investment property (Note 15) (2) \u2013 \u2013 \u2013 \u2013 \u2013 (2) Transfer to assets held-for-sale (Note 37) \u2013 \u2013 \u2013 (1) \u2013 \u2013 (1) At 3 February 2024 20 112 \u2013 529 56 4 721 Charge for the period 4 65 \u2013 131 28 2 230 Disposals \u2013 (15) \u2013 (77) (5) (1) (98) Reclassifications 3 \u2013 \u2013 (3) \u2013 \u2013 \u2013 Divestments (Note 12) (2) (2) \u2013 (5) \u2013 \u2013 (9) Acquisitions \u2013 \u2013 \u2013 2 4 \u2013 6 (1)Impairment charge for the period \u2013 \u2013 \u2013 81 1 \u2013 82 Exchange differences \u2013 3 \u2013 (4) \u2013 \u2013 (1) Transfer to assets held-for-sale (Note 37) \u2013 \u2013 \u2013 (78) \u2013 \u2013 (78) At 1 February 2025 25 163 \u2013 576 84 5 853 Net book valueAt 1 February 2025 118 404 198 671 93 6 1,490 At 3 February 2024 78 277 64 669 61 3 1,152 (1) The impairment charge for the period is made up of adjusting items of \u00a380 million (2024: \u00a33 million) and non-adjusting items of \u00a32 million (2024: \u00a37 million). See Note 4 for adjusting items.15. Investment PropertyInvestment property, which is property held to earn rental income, is stated at cost less accumulated depreciation and impairment losses. Investment property is depreciated over a period of 50 years on a straight-line basis, with the exception of freehold land, which is not depreciated. An external valuation to determine the fair value is prepared every three years by persons having the appropriate professional experience. When an external valuation is not prepared, an annual assessment is conducted using\ue655internal\ue655expertise.\u00a3mCostAt 28 January 2023 \u2013 Transfer from Property, Plant and Equipment (Note 14) 5 At 3 February 2024 5 At 1 February 2025 5 Depreciation and impairmentAt 28 January 2023 \u2013 Transfer from Property, Plant and Equipment (Note 14) 2 At 3 February 2024 2 Charge for the period \u2013 At 1 February 2025 2 Net book valueAt 1 February 2025 3 At 3 February 2024 3The investment properties relate to properties leased to Focus Brands Limited (\u00a33 million) and Kukri Sports Limited (\u00a3Nil million). The\ue655shareholdings of both companies were disposed of during the period ended 3\ue655February 2024. Prior to disposal\ue655of the investment in\ue655these entities, these properties had been shown in Property, Plant and Equipment (Note 14).During the year the directors have obtained a fair value of the St Albans property owned by Focus. The difference between the carrying value and this fair value is considered immaterial. The directors have not obtained a fair value for the property leased to Kukri Sports Limited as the carrying value of the property is immaterial. The next external valuation of the properties will be obtained for the period ended 29 January 2028. Given the non-volatile nature of the property, a three-year external valuation cycle\ue655is deemed appropriate by the Directors. The Directors deem this to be a Level 3 input under the Group\u2019s fair value hierarchy (see Note 24).16. LeasesAccounting PolicyThe Group leases assets which consist of properties, vehicles and equipment. The most significant leases in size are retail stores, offices and warehouses. Some leases include an option to renew the lease for an additional period after the end of the non-cancellable period. Some leases provide for changes to rent payments based\ue655on local price indices.The Group assesses whether a contract is, or contains, a lease under IFRS 16. A lease exists if the contract conveys a right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a\ue655contract conveys the right to control the use of an identified asset, the Group assesses whether the following criteria apply:\u2013 The contract involves the use of an identified asset \u2013 this may be specified explicitly or implicitly and should be physically distinct or\ue655represent substantially all of the capacity of a physically distinct asset. If the supplier has a substantive substitution right, then the asset is not identified.\u2013 The Group has the right to obtain substantially all of the economic benefits from use of the asset throughout the period of\ue655use. \u2013 The Group has the right to direct the use of the asset. The Group has this right when it has the decision-making rights that are most relevant to changing how and for what purpose the asset is used. In rare cases, the decision about how and for what purpose the asset is used is predetermined. The Group has the right to direct the use of the asset if either:\u2013 the Group has the right to operate the asset; or\u2013 the Group designed the asset in a way that predetermines how and for what purpose it will be used.At inception, or on reassessment of a contract that contains a lease component, the Group allocates the consideration in\ue655the\ue655contract to each lease component on the basis of its relative stand-alone price. On transition to IFRS 16 on 3 February 2019, the Group elected to apply the practical expedient to grandfather the assessment of which transactions are leases. It applied IFRS 16 only to contracts that were previously identified as leases. Therefore, the definition\ue655of a lease under IFRS 16 has been applied only to contracts entered into or changed on or after the transition date. As a LesseeThe Group recognises a right-of-use asset and a lease liability at the lease commencement date. Lease liabilities are measured at the present value of the remaining lease payments, discounted at the Group\u2019s incremental borrowing rate for the subsidiary that holds the contractual lease commitment. Right-of-use assets are measured at an amount equal to the lease liability, adjusted by the amount of\ue655any prepaid or accrued lease payments plus any initial direct costs incurred less any lease incentives received. The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. A right-of-use asset\u2019s useful economic life is determined on the same basis as for property, plant and equipment. In addition, the right-of-use asset is periodically reduced by impairment losses, if\ue655any, and adjusted for certain remeasurements of the lease liability. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted at the rate implicit in the lease. If the rate implicit in the lease is not readily available, then payments are discounted using the\ue655Group\u2019s incremental borrowing rate. Lease payments included in the measurement of the lease liability comprise the following:\u2013 fixed payments, including in-substance fixed payments;\u2013 variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date; and\u2013 lease payments in an optional renewal period if the Group is reasonably certain to exercise an extension option and penalties for early termination of a lease unless the Group is reasonably certain not to terminate early.The lease liability is measured at amortised cost using the effective interest method. It is remeasured when there is a change\ue655in future lease payments arising from a change in index or rate, a change in the estimate of the amount expected to\ue655be\ue655payable under a residual value guarantee, or as appropriate in the assessment of whether a purchase or extension option\ue655is\ue655reasonably certain to be exercised.The Group\u2019s incremental borrowing rate is the rate that the Group would have to pay for a loan of a similar term, and with similar security, to obtain an asset of similar value. The incremental borrowing rate is determined based on a series of inputs including: the term, the risk determined by the Yield to Maturity (YTM) ratio on \u2018BBB\u2019 rated corporate bonds and a credit risk adjustment based on the Group\u2019s bond yields. Corporate bond rates are a comparable reflection of the risk level of the Group and hence more suitable than government bond rates for discounting the Group\u2019s lease liabilities.Where revised lease terms involve a change in the scope of a lease, or the consideration for a lease, that was not part of the\ue655original terms and conditions of the lease, then these changes are accounted for as a lease modification. Any revised consideration and/or revised lease length is taken into account in a remeasurement calculation that includes a revised discount rate at the effective date of\ue655the modification of terms. The revised discount rate is determined as the lessee\u2019s incremental borrowing rate at the effective date of\ue655the modification.The Group has several lease contracts that include extension and termination options. These options are negotiated by management to\ue655provide flexibility in managing the lease portfolio and align with the Group\u2019s business needs. Management exercises judgement in determining whether these extension and termination options are reasonably certain to be exercised.The Group-has also applied judgement to determine the lease term for some lease contracts in which it is a lessee that either have no\ue655specified end date, or where the Group continues to occupy the property despite the contractual lease end date having passed. In\ue655determining the lease term, the Group takes into consideration its commercial strategy on a store-by-store basis and the future intentions of the Group regarding the duration of continuing occupation of the property. For lease contracts falling into these parameters, the associated lease liability is calculated at the present value of the minimum lease payments over the estimated lease term, discounted at the Group\u2019s incremental cost of borrowing. A corresponding right-of-use asset is also recognised.The Group presents right-of-use assets that do not meet the definition of investment property separately on the face of the Consolidated Statement of Financial Position. The Group presents lease liabilities separately within the Consolidated Statement of\ue655Financial Position.Short-term LeasesThe Group has elected not to recognise right-of-use assets and lease liabilities for short-term leases that have a lease term of 12 months or less. The Group recognises the lease payments associated with these leases as an expense on a straight-line basis over the lease term.Payments Expensed to the Consolidated Group Income Statement:Variable lease payments, short-term lease payments, rolling lease payments and non-lease service components have been charged to\ue655the Consolidated Income Statement. Variable lease payments charged to the Consolidated Income Statement are those which are impacted by changes in sales at certain stores where the lease includes an element of turnover rent. Rolling lease payments are in relation to leases where the Group has applied judgement to determine the lease term for certain lease contracts in which the Group is a\ue655lessee that either have no specified end date, or where the Group continues to occupy the\ue655property despite the contractual lease end date having passed.As a LessorThe Group sub-leases a small number of properties. When the Group acts as a lessor, it determines at lease inception whether each lease is a finance lease or an operating lease. To classify each lease, the Group makes an overall assessment of whether the lease transfers substantially all of the risks and\ue655rewards incidental to ownership of the underlying asset. If this is the case, the lease is a finance lease. If not, then it is an\ue655operating lease. As part of this assessment, the Group considers certain indicators such as whether the lease is for the major\ue655part of the economic life of the asset.When the Group is an intermediate lessor, it accounts for its interests in the head lease and the sub-lease separately. It assesses the lease classification of a sub-lease with reference to the right-of-use asset arising from the head lease, not with\ue655reference to the underlying asset. If a head lease is a short-term lease to which the Group applies the exemption described above, then it classifies the sub-lease as\ue655an operating lease.The Group recognises lease payments received under operating leases as income on a straight-line basis over the lease term as part of other income. The Group as a LesseeInformation about leases for which the Group is a lessee is presented below.Property LeasesThe Group leases buildings for its office space, retail stores and warehouses. Some leases include an option to renew the lease for an additional number of years after the end of the non-cancellable period. Some require the Group to make payments that relate to the property taxes levied on the lessor and insurance payments made by the lessor. Some properties leased by the Group provide for additional rent payments that are based on changes in local price indices or\ue655sales that the Group makes at the leased store in the period. In respect of contracts linked to store sales, initial recognition of the lease liability is measured at the present value of the minimum lease payments specified in the contract excluding the element linked to sales, since the variable element of these payments is not based on an index or rate. Where the variable element of the payments is based on an index or rate, initial and subsequent measurement of the lease liability includes these\ue655index linked payments.Other LeasesThe Group also leases vehicles and equipment (including IT equipment).The carrying amount of\ue655the\ue655right-of-use asset is as follows:2025 2024 \u00a3m\u00a3mRight-of-use assets 2,813 2,297 Right-of-use AssetsPlant &PropertyvehiclesTotal\u00a3m\u00a3m\u00a3m Net book value At 28 January 2023 2,171 11 2,182 Additions 570 23 593 Additions - on acquisition \u2013 \u2013 \u2013 Transfer to assets held-for-sale \u2013 \u2013 \u2013 Reclassifications 4 17 21 Disposals (33) (1) (34) Divestments (53) \u2013 (53) Impairment (16) \u2013 (16) Depreciation (400) (13) (413) Remeasurement adjustments 78 (13) 65 Foreign exchange retranslation (48) \u2013 (48) At 3 February 2024 2,273 24 2,297 Additions 615 4 619 Additions - on acquisition 383 14 397 Transfer to assets held-for-sale (Note 37) (42) \u2013 (42) Reclassifications \u2013 (2) (2) Disposals (70) \u2013 (70) Divestments (Note 12) (6) \u2013 (6) (1) Impairment (26) \u2013 (26) Depreciation (448) (10) (458) Remeasurement adjustments 116 \u2013 116 Foreign exchange retranslation (12) \u2013 (12) At 1 February 2025 2,783 30 2,813 (1) The impairment charge for the period is made up of adjusting items of \u00a319 million (2024: \u00a32 million) and non-adjusting items of \u00a37 million (2024: \u00a314 million). See Note 4 for adjusting\ue655items.Lease modifications have been accounted for by remeasuring the right-of-use asset and corresponding lease liability for any\ue655change in\ue655lease length and total consideration, recalculated using a revised discount rate of the lessee\u2019s incremental borrowing rate at the effective date of the modification. Other remeasurement adjustments to the right-of-use asset predominantly relate to deferred income and rolling leases. The total net book value divested in the year ended 1\ue655February 2025 is \u00a36 million (see Note 12), of which \u00a3nil was classified as held-for-sale in the 53 weeks ended 3\ue655February 2024 and \u00a36 million was divested in the current year. (Year ended 3\ue655February 2024: total net book value of \u00a384 million divested, of which \u00a331 million was classified as held for sale in the 52 weeks ended 28 January 2023 and \u00a353 million was divested in the year ended 3 February 2024.) Impairment of Right-of-use AssetsThe majority of the Group\u2019s right-of-use assets relate to leases of retail stores. The Group treats each store as a separate cash-generating unit (\u2018CGU\u2019) for impairment testing as this is the level at which largely independent cash inflows are generated. Each store CGU comprises the store right-of-use asset and associated property, plant and equipment, and is tested for impairment at the balance sheet date if any indicators of impairment have been identified. Note 14 summarises the relevant accounting policy followed and key assumptions and judgements. The remainder of the Group\u2019s right-of-use assets comprise leased office and warehouse space along with vehicles and equipment. As\ue655explained in Note 14 in regard to owned corporate assets, these have been tested by reference to the cash flows generated by the\ue655grouping of stores CGUs in the region or fascia that they serve. Where indicators of impairment are identified, the store CGU has been tested for impairment by comparing its carrying amount with its\ue655recoverable amount determined from value-in-use calculations. Fair value less costs of disposal has also been considered where appropriate. Where the recoverable amount was less than the carrying value, an impairment charge has been recorded, pro-rated between the store CGU\u2019s right-of-use asset and property, plant and equipment as appropriate. The Group has recognised an impairment charge of \u00a326 million (2024: \u00a316 million) against right-of-use assets as a result of impairment testing.The impairment charge recognised is not materially sensitive to reasonably possible changes in the key assumptions set out in Note 14. Lease LiabilitiesThe Group presents lease liabilities separately within the Consolidated Statement of Financial Position. The carrying amount of the\ue655lease liabilities as at 1\ue655February 2025 is shown below, along with a maturity analysis of contractual undiscounted cash flows to\ue655which the Group is committed. 2025 2024 \u00a3m\u00a3mMaturity analysis - contractual undiscounted cash flowsWithin one year 650 490 Later than one year and not later than two years 587 440 Later than two years and not later than three years 521 387 Later than three years and not later than four years 454 334 Later than four years and not later than five years 373 296 After five years 1,129 999 Total undiscounted lease liabilities 3,714 2,946 2025 2024 \u00a3m\u00a3mCurrent 493 416 Non-current 2,566 2,068 Lease liabilities included in the Consolidated Statement of Financial Position 3,059 2,484 2025 2024 \u00a3m\u00a3mOpening balance 2,484 2,384 Additions 620 593 Acquisitions 387 \u2013 Interest on lease liabilities 112 84 Repayments of lease liability (532) (484) (1)Liability adjustment\u2013 (52) Foreign exchange retranslation (12) (41) Closing balance 3,059 2,484 (1) Liability adjustments include \u00a3(6) million for divestments (2024: \u00a3(55) million), \u00a3(70) million for disposals (2024: \u00a3(37) million) and \u00a3(50) million for transfers to liabilities held-for-sale (2024: \u00a3(32) million), see Note 12 for divestments and Note 37 for held-for-sale. There are also \u00a3126 million (2024: \u00a341 million) for remeasurement adjustments.Amounts recognised in the Consolidated Statement of Cash Flows and their categorisation are below:52 weeks to 53 weeks to 1 February 3 February 2025 2024 \u00a3m\u00a3mRepayments of principal portion of lease liability (Cash flows from financing activities) 420 400 Interest on lease liabilities (Cash flows from operating activities) 112 84 Expenses relating to short-term leases (Net operating costs) 4 2 Variable lease payments (Net operating costs) 105 105 Total cash outflow for leases 641 591 Amounts recognised in the Consolidated Income Statement:52 weeks to 53 weeks to 1 February 3 February 2025 2024 \u00a3m\u00a3mDepreciation expense of right-of-use assets 458 413 Interest on lease liabilities 112 84 Variable lease payments not included in the measurement of lease liabilities 105 105 Income from subleasing right-of-use assets (1) (1) Expenses relating to short term leases 4 2 Impairment of right-of-use assets 26 16 The Group as a LessorThe Group sub-leases some of its residential and office properties under operating leases. The Group has classified these leases as operating leases, because they\ue655do not transfer substantially all the risk and rewards incidental to the ownership of the assets. Lease income from lease contracts in which the Group acts as a lessor amounted to \u00a31 million (2024: \u00a31 million).17. Other AssetsKey MoneyMonies paid in certain countries to give leaseholders access to retail locations are capitalised within non-current assets. Key money\ue655is stated at cost less expected credit losses. The\ue655key money is recoverable on disposal of a retail location but a loss allowance is calculated if the recoverable amount is less than the historic cost. Gains/losses on key money from the\ue655subsequent disposal of\ue655these retail locations are recognised in the Consolidated Income Statement. Within key money are amounts due within one year of \u00a31 million (2024:\ue655\u00a31 million). Deposits Money paid in certain countries as deposits to store landlords as protection against non-payment of rent is capitalised within non-current assets. Deposits are stated at cost less expected credit losses. The\ue655deposit is recoverable on disposal of a retail location. Deposits are\ue655assessed for recoverability on leased stores using an IFRS 9 expected credit loss model. No loss allowance was recognised as of\ue6551\ue655January 2025 because it was assessed that the amounts are fully recoverable.\ue655Within Deposits are amounts due within one year of\ue655\u00a32\ue655million (2024: \u00a36 million).Key MoneyDepositsTotal\u00a3m\u00a3m\u00a3mCostAt 28 January 2023 14 49 63 Additions \u2013 10 10 Disposals (2) (11) (13) Exchange differences \u2013 (3) (3) At 3 February 2024 12 45 57 Additions \u2013 19 19 Disposals \u2013 (13) (13) Acquisitions 4 8 12 At 1 February 2025 16 59 75 ImpairmentAt 28 January 2023 6 \u2013 6 Disposals (3) \u2013 (3) At 3 February 2024 3 \u2013 3 Acquisitions 1 \u2013 1 At 1 February 2025 4 \u2013 4 Net book valueAt 1 February 2025 12 59 71 At 3 February 2024 9 45 5418. Investments in Associates and Joint VenturesAccounting PolicyThe Group\u2019s interests in equity-accounted investees comprise interests in associates and interests in joint ventures. Associates are those\ue655entities in which the Group has significant influence, but not control or joint control, over the financial\ue655and operating policies. A\ue655joint venture is an arrangement in which the Group has joint control over the financial\ue655and\ue655operating policies.Interests in associates and joint ventures are accounted for using the equity method and are initially recognised at cost and subsequently a provision for impairment is recognised where appropriate. Subsequent to initial recognition, the Consolidated Financial Statements include the Group\u2019s share of the profit or loss and\ue655other comprehensive income of equity-accounted investees, until the date on which significant influence or joint control\ue655ceases. Transactions and balances with associates and joint ventures are undertaken on a standard commercial terms. Outstanding balances are unsecured (unless otherwise stated) and will be settled in cash.2025 2024 \u00a3m\u00a3mInterest in associates \u2013 33 Interest in joint ventures 1 11 1 44 AssociatesJoint VenturesTotal\u00a3m\u00a3m\u00a3mNet book valueAt 28 January 2023 28 11 39 Additions \u2013 \u2013 \u2013 Disposals (2) (1) (3) Share of profit 7 1 8 At 3 February 2024 33 11 44 Dividends received (5) \u2013 (5) Disposals (33) (12) (45) Share of profit 5 2 7 At 1 February 2025 \u2013 1 1Disposals in AssociatesThe Group had an equity interest in a single associate, Applied Nutrition Limited (\u2018Applied Nutrition\u2019). On 7 May 2021, the Group acquired a 32% ownership interest in, and had significant influence over, Applied Nutrition. Applied Nutrition is a sports nutrition brand which operates via wholesale activities and a trading website. On 24 October 2024, Applied Nutrition undertook an initial public offering and admitted its entire issued ordinary share capital, consisting of 250,000,000 shares, to the London Stock Exchange plc\u2019s main market for listed securities. The Group disposed of 21.58% of its shareholding in Applied Nutrition on 24 October 2024. At 1 February 2025 the Group holds 9.78% ownership in Applied Nutrition.On disposal of its 21.58% shareholding, the Group ceased to hold significant influence over Applied Nutrition and has de-recognised its investment in associate. The remaining 9.78% is accounted for as a financial asset under IFRS 9. The fair value of the retained interest at 1 February 2025 is \u00a338 million. Please refer to Note 19 for further information.A gain of \u00a351 million arising from the disposal and gain on revaluation of the retained investment on the date of classification amounting to \u00a324 million is recognised in profit and loss as an adjusting item included in \u2018Divestment and restructuring\u2019 line item.Joint VenturesOn 28 July 2024, the Group disposed of Gym King Limited (40% equity interest) a fixed asset investment in a joint venture for cash consideration of \u00a32 million. See Note 12 for further details. On 20 November 2024, the Group disposed of its 49% equity interest shareholding in a joint venture, PT JD Sports Fashion Indonesia (\u2018JD Indonesia\u2019), for cash consideration of \u00a36 million. See Note 12 for further details. Following the disposal of the above equity interests, the Group has other interests of \u00a31 million (2024: \u00a344 million).19. Other InvestmentsThe Group had an equity interest in a single associate, Applied Nutrition Limited (\u2018Applied Nutrition\u2019). On 24 October 2024, Applied Nutrition undertook an initial public offering (\u201cIPO\u201d) and admitted its entire issued ordinary share capital to the London Stock Exchange plc\u2019s main market for listed securities; this led to the decision for the Group to dispose of 21.58% of its shareholding in Applied Nutrition. At 1 February 2025 the Group holds 9.78% ownership in Applied Nutrition.On disposal of its 21.58% shareholding, the Group ceased to hold significant influence over Applied Nutrition and has de-recognised its investment in associate. The remaining 9.78% is accounted for as a financial asset under IFRS 9. The fair value of the retained interest at 1 February 2025 is \u00a338 million. Please refer to note 18 for further information.The Group has made an irrevocable election to present subsequent changes in the fair value of an investment in the Applied Nutrition equity instrument in other comprehensive income. The retained investment is not held for trading. The fair value gain recognised in other comprehensive income, subsequent to the disposal, in the period is \u00a34 million.Fair value through other comprehensive income Total\u00a3m\u00a3mApplied Nutrition 38 38 Other Investments 38 38 Of which:Current \u2013 \u2013 Non-Current 38 3820. Inventories2025 2024 \u00a3m\u00a3mFinished goods and goods for resale 2,021 1,593 The cost of inventories recognised as expenses and included in cost of sales for the 52 weeks ended 1\ue655February 2025 was \u00a35,995 million (2024: \u00a35,494 million).Included within inventories is \u00a31 million of deferred supplier rebates (2024: \u00a32 million).At the prior period end, net inventories \u00a314 million were transferred to assets held-for-sale (current period \u00a3Nil - see Note 37 comparative information). The Group had \u00a377 million (2024: \u00a371 million) of stock provisions at the end of the period, the movement on this provision is\ue655shown below:\u00a3mAt 28 January 2023 74 Recognised 52 Released (8) Utilised (46) Divested (3) Other (1) Foreign Exchange 3 At 3 February 2024 71 Recognised 58 Released (6) Utilised (46) Divested \u2013 Other 1 Foreign Exchange (1) At 1 February 2025 7721. Trade and Other ReceivablesCredit RiskThe Group\u2019s exposure to credit risk is influenced mainly by the individual characteristics of each customer. However, management also considers the factors that may influence the credit risk of its customer base, including the default risk associated with the industry and country in which customers operate. The trade receivables balances are typically held by the wholesale businesses within the Group. Each subsidiary establishes a\ue655credit policy under which each new customer is analysed individually for creditworthiness before the payment and delivery terms and conditions are offered. The Group review includes financial statements, credit agency information and industry information. Each subsidiary limits its credit exposure by setting payment periods and, in certain circumstances, these are approved by Group management. Customers are monitored by taking into account their credit characteristics: whether they are a wholesale or retail customer, their geographic location, industry, trading history with the Group and existence of previous financial difficulties. Expected Credit Loss AssessmentEach subsidiary within the Group allocates each exposure to a credit risk grade based on the data that is determined to be predictive of\ue655the risk of loss (including but not limited to external ratings, audited financial statements, management accounts and available press information about customers) and by applying experienced credit judgement. An allowance matrix is used to measure the expected credit losses (\u2018ECLs\u2019) of trade receivables from smaller customers, which comprise a large number of small balances. Loss rates are based on actual credit loss experience over the past five years, factoring in other information such as current conditions, age of the customer relationship and the view of the economic conditions over the expected lives of the receivables. The Group recognises loss allowances for ECLs on financial assets measured at amortised cost and measures the loss allowances at an amount equal to the lifetime ECLs for trade receivables.2025 2024 \u00a3m\u00a3mCurrent assetsTrade receivables 27 37 Other receivables 50 37 Forward contract asset 12 3 Prepayments 173 148 Accrued income 4 2 Right of return asset 11 26 277 253 Non-current assetsInterest rate swap \u2013 1 Other receivables 1 \u2013 1 1 The following table provides information about the exposure to credit risk and expected credit losses for trade receivables as at 1\ue655February 2025:2025 2024Gross carrying Gross carrying amountLoss allowanceNetamountLoss allowanceNet\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mNot past due 16 \u2013 16 27 \u2013 27 Past due 0 - 30 days 5 \u2013 5 2 \u2013 2 Past due 31 - 60 days 3 \u2013 3 3 \u2013 3 Past due 61 - 90 days 2 \u2013 2 \u2013 \u2013 \u2013 More than 90 days past due 6 (5) 1 6 (1) 5 32 (5) 27 38 (1) 37 At 1\ue655February 2025, the exposure to credit risk for trade receivables by geographic region was as follows:2025 2024GrossLoss allowanceNetGrossLoss allowanceNet\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mUK & ROI 7 \u2013 7 13 \u2013 13 Europe 17 (1) 16 11 (1) 10 North America 4 \u2013 4 5 \u2013 5 Rest of world 4 (4) \u2013 9 \u2013 9 Total 32 (5) 27 38 (1) 37 At 1\ue655February 2025, the exposure to credit risk for trade receivables by type of counterparty was as follows:2025 2024GrossLoss allowanceNetGrossLoss allowanceNet\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mWholesale customers 9 (1) 8 12 (1) 11 Retail customers 6 \u2013 6 4 \u2013 4 End user customers 6 \u2013 6 2 \u2013 2 (1)Other 11 (4) 7 20 \u2013 20 Total 32 (5) 27 38 (1) 37 (1) Other includes, supplier rebates, amounts owed by suppliers for contributions towards marketing promotion costs, amounts owed by Macy\u2019s relating to Finish Line sales in Macy\u2019s stores and amounts owed relating to liquidated stock.Movement on the provision is shown below:\u00a3mAt 28 January 2023 2 Created 1 Released (1) Utilised (1) At 3 February 2024 1 Created 4 Released (1) Acquired on acquisition 1 At 1 February 2025 5 As at 1 February 2025, the Group has evaluated the carrying amounts of all classes of financial assets included within the Trade and Other Receivables balance. While an allowance for expected credit losses has been recognised in respect of trade receivables, management has assessed that other receivables do not contain material credit risk.This assessment is based on the creditworthiness of the counterparties, historical loss experience, and forward-looking information. Accordingly, no material expected credit loss allowance has been recognised for these balances.22. Cash and Cash EquivalentsCash at bank and in hand comprise cash balances and call deposits with an original maturity of three months or less, readily convertible to known amounts of cash, and subject to an insignificant risk of changes in value.Cash equivalents represent lodgements in transit held with a third-party payment processor. Customer payments are collected on behalf of the Group and pending settlement into the Group\u2019s primary bank account. Bank overdrafts are included as a component of cash and cash equivalents for the purpose of the Consolidated Statement of\ue655Cash\ue655Flows, as these are used as an integral part of the Group\u2019s cash management.2025 2024 \u00a3m\u00a3mCash at bank and in hand 455 435 Cash equivalents 57 50 Other short term deposits < 3 months 219 668 731 1,153 At the period end, cash and cash equivalents of \u00a3Nil (2024: \u00a39 million) were transferred to assets held-for-sale (see\ue655Note\ue65537 for further information). 23. Interest-Bearing Loans and BorrowingsInterest-bearing borrowings are recognised initially at fair value less attributable transaction costs. Following the initial recognition, interest-bearing borrowings are stated at amortised cost with any difference between cost and redemption value being recognised in\ue655the Consolidated Income Statement over the period of the borrowings on an effective interest basis.2025 2024 \u00a3m\u00a3mCurrent liabilitiesBank overdrafts 36 60 Bank facilities 48 10 Other bank loans 4 23 Bank loans and overdrafts - current 88 93 Non-current liabilitiesTerm bank loan 560 \u2013 Other bank loan 31 37 Bank loans and overdrafts - non-current 591 37 The following provides information about the contractual terms of the Group\u2019s interest-bearing loans and borrowings. For more information about the Group\u2019s exposure to interest rate risk, see Note 24.Term LoanOn 23 April 2024, the Group entered into a new Term Loan Facility Agreement for a total commitment of $1 billion (\u00a3775 million) for the purpose of acquiring Hibbett Inc. On 25th July 2024 the commitment was drawn in full to facilitate the completion of the acquisition. Post acquisition repayments have been made on the Term Loan and as at 1 February 2025 the balance remaining is $700 million (\u00a3560 million). The Term of the facility is 18 months to 23 October 2025 followed by 3 periods of 3 month extensions which are under the full control of\ue655JD Sports Fashion Plc. This takes the ultimate maturity to July 2026 should these extension options be taken. The Group is subject to\ue655covenants on consolidated net assets, net debt leverage and a fixed charge cover. The interest rate periods payable on the loan are at six month intervals with interest payable at a rate of SOFR (Secured Overnight Financing Rate) plus a margin of 1.0%.As at 1 February 2025, this facility encompassed cross guarantees between the Company, Blacks Outdoor Retail Limited, JD Sports Fashion SRL (Italy), Go Outdoors Retail Limited, Genesis Holdings, Inc., Genesis Topco, Inc. Shoe Palace Corporation, The Finish Line Inc, The Finish Line USA Inc, DTLR Inc, Genesis Finco Limited, Spodis SA, JD Sports Fashion Aus Pty, JD Sports Fashion (Ireland) Limited and Hibbett Inc. Bank Facilities UKAs at 1\ue655February 2025, the Group had a syndicated committed \u00a3700 million bank facility expiring on 6 November 2026. The Group is\ue655subject to covenants on consolidated total net assets, net debt leverage and a fixed charge cover. Under this facility, a maximum of\ue65515\ue655drawdowns can be outstanding at any time, with drawdowns made for a period of one, two, three or six months, with interest currently payable at a rate of SONIA (Sterling Overnight Index Average) plus a margin of 0.9% (2024: SONIA plus a\ue655margin of 0.9%). As at\ue6551\ue655February 2025, this facility encompassed cross guarantees between the Company, Blacks Outdoor Retail Limited, JD Sports Fashion SRL (Italy), Go Outdoors Retail Limited, Genesis Holdings, Inc., Genesis Topco, Inc. Shoe Palace Corporation, The Finish Line Inc, The Finish Line USA Inc, DTLR Inc, Genesis Finco Limited, Spodis SA, JD Sports Fashion Aus Pty, JD Sports Fashion (Ireland) Limited and Hibbett Inc.At 1\ue655February 2025, \u00a336 million was drawn down on this facility (2024: \u00a3Nil).USThe Group\u2019s second principal bank facility is a syndicated Asset Based Lending Facility in the US, which has a maximum revolving advance amount of approximately $300 million (\u00a3242 million) and expires on 24 September 2026 (2024: $300 million (\u00a3238 million)). At 1\ue655February 2025, $15 million (\u00a312 million) was\ue655drawn down on this facility (2024: $13 million (\u00a310 million)). There are no covenants on\ue655this facility and the facility is only available to the\ue655Genesis Topco Inc group of companies. The interest is payable at a rate of SOFR (Secured Overnight Financing Rate) plus a margin of 1.0%.As at\ue6551\ue655February 2025, this facility encompassed cross guarantees between the companies in the Genesis Topco Inc subgroup. Bank Loans and OverdraftsThe bank loans and overdrafts attract interest rates ranging from 0.4% to 7.0%. The overdrafts are repayable on demand and the bank\ue655loans are repayable over periods between three and 59 months. Included within bank loans and overdrafts are bank loans of \u00a3595 million (2024: \u00a360 million) and overdrafts of \u00a336 million (2024: \u00a360 million). 24. Financial InstrumentsFinancial assets and financial liabilities are recognised in the Consolidated Statement of Financial Position when the Group becomes a\ue655party to the contractual provisions of the instrument. Financial assets are derecognised when the contractual rights to\ue655the cash flows from the financial assets expire or are transferred. Financial liabilities are derecognised when the obligation specified in the contract is discharged, is cancelled or expires.The Group recognises the following financial instruments on its Consolidated Statement of Financial Position.At fair value throughAt fair value through 2025 At amortised costprofit or lossother comprehensive \u00a3m\u00a3m\u00a3mincome \u00a3mFinancial assetsCash and cash equivalents 731 731 \u2013 \u2013 Deposits 59 59 \u2013 \u2013 Key Money 12 12 \u2013 \u2013 Trade receivables 27 27 \u2013 \u2013 Other receivables 51 51 \u2013 \u2013 Accrued income 4 4 \u2013 \u2013 (1)Other Investments 38 \u2013 \u2013 38 Foreign exchange forward contracts \u2013 non-hedged 12 \u2013 12 \u2013 Financial liabilitiesForeign exchange forward contracts \u2013 non-hedged (1) \u2013 (1) \u2013 Trade payables (840) (840) \u2013 \u2013 Other payables and accrued expenses (500) (500) \u2013 \u2013 Other payables \u2013 non-current (145) (145) \u2013 \u2013 Lease liabilities - current (493) (493) \u2013 \u2013 Lease liabilities - non-current (2,566) (2,566) \u2013 \u2013 Deferred consideration - non-current (3) (3) \u2013 \u2013 Interest-bearing loans and borrowings \u2013 current (88) (88) \u2013 \u2013 Interest-bearing loans and borrowings \u2013 non-current (591) (591) \u2013 \u2013 Put and call options held by Non-controlling interests - current (188) (188) Put and call options held by Non-controlling interests - non-current (669) (669) \u2013 \u2013 (1) On disposal of its 21.58% shareholding, the Group ceased to hold significant influence over Applied Nutrition and has de-recognised its investment in associate. The remaining 9.78% is accounted for as a financial asset under IFRS 9. The fair value of the retained interest at 1 February 2025 is \u00a338 million. Please refer to Note 19 for further information. At fair value throughAt fair value through 2024 At amortised costprofit or lossother comprehensive \u00a3m\u00a3m\u00a3mincome \u00a3mFinancial assetsCash and cash equivalents 1,153 1,153 \u2013 \u2013 Deposits 45 45 \u2013 \u2013 Key Money 9 9 \u2013 \u2013 Trade receivables 37 37 \u2013 \u2013 Other receivables 37 37 \u2013 \u2013 Accrued Income 2 2 \u2013 \u2013 Foreign exchange forward contracts \u2013 non-hedged 3 \u2013 3 \u2013 Interest rate swap 1 \u2013 1 \u2013 Financial liabilitiesForeign exchange forward contracts \u2013 non-hedged (2) \u2013 (2) \u2013 Trade payables (783) (783) \u2013 \u2013 Other payables and accrued expenses (456) (456) \u2013 \u2013 Other payables \u2013 non-current (155) (155) \u2013 \u2013 Lease liabilities - current (416) (416) \u2013 \u2013 Lease liabilities - non-current (2,068) (2,068) \u2013 \u2013 Contingent consideration \u2013 non-current (2) \u2013 (2) \u2013 Interest-bearing loans and borrowings \u2013 current (93) (93) \u2013 \u2013 Interest-bearing loans and borrowings \u2013 non-current (37) (37) \u2013 \u2013 Put and call options held by non-controlling interests (810) (810) \u2013 \u2013 Financial AssetsThe Group\u2019s financial assets are non-derivative and derivative financial assets. The non-derivative assets are initially recognised at fair value and subsequently measured at amortised cost, and are held to collect principal contractual cash flows and related interest. Credit loss allowance is calculated using lifetime expected credit losses for trade receivables and contract assets, and as 12-months expected credit loss for other assets, if the assets are considered to have low credit risk or if there was no significant increase in credit risk since initial recognition. Cash and cash equivalents comprise short-term cash deposits with major clearing banks earning floating rates of interest based upon bank base rates or rates linked to\ue655SONIA, SOFR (Secured Overnight Financing Rate), EURIBOR (Euro Interbank Offered Rate), and WIBOR (Warsaw Interbank Offer Rate).Financial LiabilitiesFinancial liabilities other than deferred consideration and foreign exchange forward contracts are initially recognised at amortised cost. Deferred consideration and foreign exchange forward contracts are recognised at fair value.Risk ManagementThe Group\u2019s operations expose it to a variety of financial risks including the effect of changes in exchange rates, interest rates, credit risk and liquidity position. The Group manages these risks through the use of derivative instruments, which are reviewed on a regular basis. There are no concentrations of risk in the period to 1\ue655February 2025 (3\ue655February 2024: None).Foreign Currency RiskThe currency profile of those monetary financial assets and liabilities subject to foreign currency risk are shown below:2025 Total Sterling Euros US Dollars Polish Zloty Australian Dollars Other Cash and cash equivalents 731 183 331 148 3 26 40 Trade receivables 27 6 14 4 2 \u2013 1 Interest-bearing loans and borrowings (679) \u2013 (86) (567) (15) (1) (10) Trade payables (840) (167) (286) (330) (12) (20) (25) Net exposure by currency (761) 22 (27) (745) (22) 5 62024 Total Sterling Euros US Dollars Polish Zloty Australian Dollars OtherCash and cash equivalents 1,153 203 360 472 4 55 59 Trade receivables 37 18 10 9 \u2013 \u2013 1 Interest-bearing loans and borrowings (130) (6) (74) \u2013 (40) \u2013 (10) Trade payables (783) (207) (216) (299) (27) (17) (18) Net exposure by currency 277 8 80 182 (63) 38 32\u2013\u2013Foreign Currency TranslationTransactions denominated in foreign currencies are translated into Sterling at the exchange rate prevailing on the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated into Sterling at the rate of exchange at\ue655the reporting date. Exchange differences in monetary items are recognised in the Consolidated Income Statement.Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates at\ue655the dates of the initial transactions. Non-monetary items measured at fair value in a foreign currency are translated using the\ue655exchange rates at the date when the fair value is determined. The gain or loss arising on translation of non-monetary items measured at fair value is treated in line with the recognition of the gain or loss on the change in fair value of the item (i.e., translation differences on items whose fair value gain or loss is recognised in Other Comprehensive Income or profit or loss are\ue655also recognised in Other Comprehensive Income or profit or loss, respectively).On consolidation, the assets and liabilities of the Group\u2019s overseas operations are translated into Sterling at the rate of\ue655exchange at the reporting date. Income and expenses are translated at the average exchange rate for the accounting period. Foreign currency differences are recognised in Other Comprehensive Income and are presented in the foreign currency translation reserve.Derivative Financial InstrumentsThe Group uses derivative financial instruments to hedge its exposure to foreign exchange risks arising from operational activities. In\ue655accordance with its Treasury Policy, the Group does not hold or issue derivative financial instruments for trading purposes. Derivative financial instruments are accounted for as held for trading, initially recognised at fair value and remeasured at each period end, with the gain or loss on remeasurement recognised in the Consolidated Income Statement as incurred. The fair value is the price that would have been received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Hedging of Monetary Assets and LiabilitiesWhere a derivative financial instrument is used to hedge the foreign exchange exposure of a recognised monetary asset or liability, no\ue655hedge accounting is applied and any gain or loss on the hedging instrument is recognised in the Consolidated Income\ue655Statement.The Group is exposed to foreign currency risk on sales and purchases that are denominated in a currency other than Pound Sterling. The currencies giving rise to this risk with principal exposure are the Euro and US Dollar, with sales and purchases made in both currencies. To protect its foreign currency position, the Group sets a buying rate in each country for the purchase of goods in US Dollars at the start of the buying season (typically six to nine months before the product actually starts to appear in the stores) and then enters into a number of local currency/US Dollar contracts whereby the minimum exchange rate on the purchase of Dollars is guaranteed. Our European supply chain strategy has continued to reduce the Sterling/Euro exposure as the European Distribution Centres increasingly source the goods in Euros and create a natural hedge. Surplus Euros are also used to fund the international store developments across Europe, thus alleviating the need for local third-party financing.As at 1\ue655February 2025, the fair value of these instruments were assets of \u00a312 million (2024: \u00a33 million) and liabilities of \u00a31 million (2024:\ue655\u00a32 million). The net asset of \u00a311 million is due within one year (2024: net asset of \u00a31 million). A gain of \u00a310 million (2024: loss of \u00a317 million) has been recognised in cost of sales within the Consolidated Income Statement for the change in\ue655fair value of these instruments.We have considered both the Group and the counterparties\u2019 credit risk and none are expected to have a material effect on the valuation of these instruments.The Group has considered the impact of a 10% strengthening or weakening of Sterling relative to the following currencies as\ue655at\ue655the reporting date. The reduction to profit before tax illustrates the impact on monetary assets and liabilities held in other currencies than the Group\u2019s presentational currency of Sterling. The reduction in equity illustrates the impact of the translation of\ue655the Group\u2019s subsidiaries whose functional currencies are different to the Group\u2019s presentational currency of Sterling plus the impact on monetary assets and liabilities held in other currencies than the Group\u2019s presentational currency of Sterling. A 10% strengthening would have reduced profit before tax and equity as follows:Profit before tax Equity2025 2024 2025 2024 \u00a3m\u00a3m\u00a3m\u00a3mEuros 3 14 61 58 US Dollars 74 13 111 167 Other 1 4 20 21 78 31 192 246 A 10.0% weakening of Sterling relative to the following currencies as at the reporting date would have increased profit before tax and equity as follows:Profit before tax Equity2025 2024 2025 2024 \u00a3m\u00a3m\u00a3m\u00a3mEuros 3 14 61 58 US Dollars 74 13 111 167 Other 1 4 20 21 78 31 192 246 Calculations are performed on the same basis as the prior period and the method assumes that all other variables remain\ue655unchanged.Interest Rate RiskThe Group finances its operations by a mixture of equity and bank borrowings. The Group\u2019s borrowings are at floating rates. Interest rate risk therefore arises from bank borrowings. The Group also has short-term cash deposits with major clearing banks earning floating rates of interest based upon bank base rates or rates linked to\ue655SONIA, SOFR (Secured Overnight Financing Rate), EURIBOR (Euro Interbank Offered Rate), and WIBOR (Warsaw Interbank Offer Rate). Interest rate risk therefore also arises from short-term cash deposits.The Directors continue to be mindful of the potential volatility in base rates, but at present do not consider a long-term interest rate hedge necessary given the inherent short-term nature of both the revolving credit facility and Asset Based Lending Facility and the fact that the Group has short-term cash deposits earning floating rates of interest which create a natural hedge. This\ue655position is reviewed regularly, along with the level of facility required.The Group has potential bank floating rate financial liabilities on the \u00a3700 million syndicated committed facility and the $300 million Asset Based Lending Facility together with overdraft facilities in subsidiary companies (see Notes 22 and 23). At\ue6551\ue655February 2025, \u00a336.0 million was drawn down from the \u00a3700 million committed facility. $15.0 million of the $300 million Asset Based\ue655Lending Facility was drawn down at 1\ue655February 2025 (2024: $13.0 million). On 23 April 2024, the Group entered into a new Term Loan Facility Agreement for a total commitment of $1 billion for the purpose of acquiring Hibbett Inc. On 25th July 2024 the commitment was drawn in full to facilitate the completion of the acquisition. Post acquisition repayments have been made on the Term Loan and as at 1 February 2025 the balance remaining is $700 million. A change of 1.0% in the average interest rates during the period, applied to the Group\u2019s floating interest rate loans and borrowings\ue655as at\ue655the reporting date, would change profit before tax by \u00a34 million (2024: \u00a30.3 million) and would change equity\ue655by \u00a34 million (2024: \u00a30.3 million). The calculation is based on any floating interest rate loans and borrowings drawn down\ue655at\ue655the\ue655period end date. Credit RiskCredit risk arises from the possibility of customers and counterparties failing to meet their obligations to the Group. Investments of cash surpluses, borrowings and derivative instruments are made through major clearing banks, which must\ue655meet minimum credit ratings as required by the Board.All customers who wish to trade on credit terms are subject to credit verification procedures. Receivable balances are monitored on an ongoing basis and a provision is made for impairment where amounts are not thought to be recoverable (see\ue655Note 21). At the reporting date, there were no significant concentrations of credit risk, and receivables which are not impaired are believed to be\ue655recoverable.The Group considers its maximum exposure to credit risk to be equivalent to total trade and other receivables (excluding prepayments, accrued income and right of return assets) of \u00a389 million (2024: \u00a378 million) and cash and cash equivalents of\ue655\u00a3731 million (2024: \u00a31,153 million).The table below provides details of cash and cash equivalents by long-term credit rating of investment-grade rated counterparties:2025 2024 \u00a3m\u00a3mCash and cash equivalents 731 1,153 Aa1 12 111 Aa2 11 69 Aa3 4 134 A1 454 436 A2 87 225 A3 118 102 Baa1 39 41 Baa2 1 34 Baa3 1 \u2013 Ba1 3 1 Ba2 1 \u2013Liquidity RiskLiquidity risk is the risk that the Group will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Group manages its cash and borrowing requirement to minimise net interest expense, whilst ensuring that the Group has sufficient liquid resources to meet the operating needs of\ue655the business. The forecast cash and borrowing profile of the Group is monitored on an ongoing basis, to ensure that adequate headroom remains under committed borrowing facilities. Further, the Board regularly reviews the current financial position and performance and assesses the future prospects of the Group. As\ue655part of this assessment, the Board reviews the Group\u2019s income and expenditure projections, cash flows and other key financial ratios along with the potential impact of, and challenges presented by, the principal risks outlined on pages 44 to 53. The Group\u2019s strategy along with the factors likely to affect the development, performance and position of the businesses are\ue655detailed throughout the Strategic Report on pages 2 to 87. In accordance with the requirements of the UK Corporate Governance Code, the Board has assessed the viability of the Group for a period of three years to 31 May 2028. See page 53 for the Group\u2019s Going Concern and Viability Statement.The following are the remaining contractual maturities of financial liabilities at the reporting date. The amounts are gross and\ue655undiscounted. 2025 0-3 months3-12 months1-2 years2-5 years> 5 years\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mNon-derivative financial instrumentsBank loans and overdrafts 708 84 31 578 13 2 (1)Trade and other payables 1,510 1,278 102 26 61 43 (2)Lease liabilities 3,714 165 485 587 1,348 1,129 (3)Put and call options 902 \u2013 192 200 510 \u2013 Derivative financial instrumentsForward contracts (gross cash outflow) 11 2 9 \u2013 \u2013 \u2013 6,845 1,529 819 1,391 1,932 1,174 (1) Trade and other payables exclude accruals related to salaries, as these are non-financial instruments. (2) This is the undiscounted value of the lease liabilities (see Note 16).(3) An assumption has been made in relation to put and call options that the payment will be made between three and six months after the option has been exercised due to the time required to complete all of the required steps in each agreement and finalise the legal agreements.2024 0-3 months3-12 months1-2 years2-5 years> 5 years\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mNon-derivative financial instrumentsBank loans and overdrafts 133 55 36 32 9 1 Trade and other payables 1,402 1,144 94 26 69 69 (1)Lease liabilities 2,946 123 367 440 1,017 999 (2)Put and call options 900 \u2013 \u2013 176 724 \u2013 Derivative financial instrumentsForward contracts (gross cash outflow) 138 41 97 \u2013 \u2013 \u2013 5,519 1,363 594 674 1,819 1,069 (1) This is the undiscounted value of the lease liabilities (see Note 16).(2) An assumption has been made in relation to put and call options that the payment will be made between three and six months after the option has been exercised due to the time required to complete all of the required steps in each agreement and finalise the legal agreements.Fair ValuesFor the following balances as shown in the Statement of Financial Position as at 52 weeks to 1\ue655February 2025, the fair value approximates the carrying value: Trade and other receivables, Cash and cash equivalents, Other investments, Interest-bearing loans and borrowings \u2013 current, Trade and other payables - current and non-current. Fair values and carrying amounts differ for the following balances as shown in the Statement of Financial Position as at 52 weeks to 1\ue655February 2025: Carrying amountFair value 2025 2025 Note\u00a3m\u00a3mInterest-bearing loans and borrowings - non-current 23 (591) (559) Unrecognised gain (32) The comparatives at 3\ue655February 2024 are as follows:Carrying Amount Fair value 2024 2024 Note\u00a3m\u00a3mInterest-bearing loans and borrowings - non-current 23 (37) (28) Unrecognised gain (9) The carrying value and fair value of the Genesis put/call option liability is approximately equal, please refer to Note 25b for further information in respect of measurement.In respect of the Group\u2019s non-current financial assets and liabilities as at 1\ue655February 2025 and 3\ue655February 2024, the fair value has been\ue655calculated by discounting contractual cash at a rate which reflects the current market assessments of the time value of money and the specific risks applicable to the liability. The valuations were categorised as level 2 in the fair value hierarchy as significant inputs to valuations are observable.Fair Value HierarchyAs at 1\ue655February 2025, the Group held non-hedged foreign exchange forward contracts which were carried at fair value on the Consolidated Statement of\ue655Financial\ue655Position. The Group uses the following hierarchy for determining and disclosing the fair value of financial instrument by\ue655valuation\ue655technique:Level 1: Quoted (unadjusted) prices in active markets for identical assets or liabilities.Level 2: Other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or\ue655indirectly.Level 3: Techniques which use inputs that have a significant affect on the recorded fair value that are not based on observable market data.Fair valueLevel 1Level 2Level 31 February 2025\u00a3m\u00a3m\u00a3m\u00a3mFinancial assets at fair value through profit and lossForeign exchange forward contracts \u2013 non-hedged 12 \u2013 12 \u2013 Other Investments 38 38 \u2013 \u2013 Financial liabilities at fair value through profit or lossForeign exchange forward contracts \u2013 non-hedged 1 \u2013 1 \u2013 Fair valueLevel 1Level 2Level 33 February 2024\u00a3m\u00a3m\u00a3m\u00a3mFinancial assets at fair value through profit and lossForeign exchange forward contracts \u2013 non-hedged 3 \u2013 3 \u2013 Interest rate swap 1 \u2013 1 \u2013 Financial liabilities at fair value through profit or lossForeign exchange forward contracts \u2013 non-hedged (2) \u2013 (2) \u2013 Contingent consideration - current \u2013 \u2013 \u2013 \u2013 Contingent consideration - non-current (2) \u2013 \u2013 (2)25. Trade and Other Payables and Put and Call Option LiabilitiesTrade and other payables are non-interest-bearing and are stated at their cost. 2025 2024 \u00a3m\u00a3mCurrent liabilitiesTrade payables 840 783 Other payables and accrued expenses 571 475 Forward contract liability 1 2 Refund liabilities 32 53 Other tax and social security costs 136 133 Trade and other payables 1,580 1,446 Non-current liabilitiesOther payables and accrued expenses 145 155 Other payables 145 155 2025 2024 \u00a3m\u00a3mCurrent liabilities 188 \u2013 Non-current liabilities 669 810 Total put and call option liabilities 857 810 25a. Trade and Other Payables and accrued expensesOther payables and accrued expenses include the following:Reebok brand licenceIn December 2021, the Group signed a contract with ABG Reebok LLC to license the Reebok brand in various territories. The\ue655agreement became effective during the 52 week period ended 28 January 2023. As a result, the Group has recognised an\ue655intangible asset for the use of the brand on the Balance Sheet and a liability for the discounted contractual minimum royalty payments under the initial 10 year term of \u00a365 million.Hoodrich brand licenceIn December 2023, the Group signed a contract with Hoodrich Limited to license the Hoodrich brand in various territories. The\ue655agreement became effective during the 53 week period ended 3 February 2024. As a result, the Group has recognised an intangible asset for the use of the brand on the Balance Sheet and a liability for the discounted contractual minimum royalty payments under the initial 7 year term of \u00a350 million.Football LicensesThe Group has exclusive distribution agreements with 4 European football clubs and associations. The Group has recognised an intangible asset for the use of the brands on the Balance Sheet and a liability for the discounted contractual minimum royalty payments under the agreements. The contract terms range between 3 and 10 years and the asset will be amortised over the relevant contract life. At 1 February 2025 the asset and liability amounted to \u00a316 million, \u00a33 million of the liability is current and \u00a313 million is non-current. 25b. Put and Call Option LiabilitiesPut and call options are in place over all or part of the remaining non-controlling interest shareholding in various subsidiaries. The Group recognises put and call options over non-controlling interests in its subsidiary undertakings as a liability in the Consolidated Statement of Financial Position at the present value of the estimated exercise price of the put and call option. The only material put and call option remaining as at 1\ue655February 2025 is Genesis at \u00a3831 million (2024: Genesis \u00a3763 million).The Group has used a third-party valuation expert to estimate the present value of the Group\u2019s material put and call option liabilities using a Monte-Carlo simulation model, applying a geometric Brownian motion to\ue655project the share price and an arithmetic Brownian motion for the projection of EBITDA. The option formula and multiple are stated in the option agreement allowing the strike price to be calculated from the simulated EBITDA. Upon initial recognition of put and call options, a corresponding entry is made to Other Equity (put and call option reserve), and for subsequent changes on remeasurement of the liability the corresponding entry is\ue655made to adjusting items in the Consolidated Income Statement. Inputs to the Monte-Carlo simulation modelsThe Group has used the Board approved 5-year plan to estimate profit and cash flow forecasts for future periods. In estimating the present value of the Group\u2019s material put and call option liabilities, the key inputs to the Monte-Carlo simulation models\ue655are:\u2013 The EBITDA forecasts and growth assumptions for future periods including forecast net cash/debt and forecast capital expenditure, working capital movements and taxation.\u2013 The EBITDA is projected using an Arithmetic Brownian Motion EBITDA drift. The drift for each time period is\ue655estimated from forecast EBITDA and its standard deviation is estimated from historical EBITDA data.\u2013 The risk-free discount rates, reflecting the current market assessment of the time value of money, used to discount the purchase price (subject to the option pricing cap as defined in the shareholder agreement) to present value. Other OptionsWithin other options the largest value option at FY25 is Cosmos \u00a325 million (2024 \u00a324 million). Management has used a third party valuation\ue655specialist to value the option. The valuation technique is consistent with\ue655that outlined above for material options. The remaining options are valued in house, and total \u00a31 million (2024:\ue655\u00a347 million). During the year \u00a315m of options have lapsed, partly due to the NCI being acquired outside of the option mechanics, and partly due to the divestment of entities where put and call options were held.MarketingIberian SportsInvestment GroupRetail GroupGenesis Topco IncS.A.(\u2018ISRG\u2019)(\u2018Genesis\u2019)(\u2018MIG\u2019)OtherTotal\u00a3m\u00a3m\u00a3m\u00a3mLiabilityAt 28 January 2023 206 783 52 63 1,104 Acquisitions 429 \u2013 \u2013 \u2013 429 Options lapsed and disposed during the period (197) \u2013 \u2013 (5) (202) Other movements \u2013 \u2013 \u2013 (13) (13) Options bought out (434) \u2013 (68) \u2013 (502) (Decrease)/increase in the present value ofthe existing option liability (4) (20) 16 2 (6) At 3 February 2024 \u2013 763 \u2013 47 810 Options lapsed and disposed during the period \u2013 \u2013 \u2013 (15) (15) (Decrease)/increase in the present value ofthe existing option liability \u2013 68 \u2013 (6) 62 At 1 February 2025 \u2013 831 \u2013 26 857 Sensitivity Analysis \u2013 Genesis Put and Call OptionSensitivity analysis was performed over the key variable inputs to the valuation of the Genesis put and call option. The key variable input was determined to be the EBITDA forecasts per the Board approved 5-year plan. 10% was determined to be a reasonably possible change for the EBITDA forecasts included in the approved cash flow forecasts, reflecting recent experience in levels of forecasting accuracy.The result was that:\u2013 A reduction of 10% to the forecast EBITDA would result in a reduction to the put and call option liability of \u00a3104 million (2024: \u00a392\ue655million).\u2013 An increase of 10% to the forecast EBITDA would result in an increase to the put and call option liability of \u00a392 million (2024: \u00a392 million).Option DetailsCurrent options \u2013 Options detailsRecognised atShort-term 1 FebruaryEBITDA growth Discount rate 2025(1)Company Options in existence Exercise periods Methodology Maximum priceassumptionsapplied\u00a3mGenesis Topco Put option The put options The option The option 8.2% - 16.7% 3.91% - 4.37% 831Inc.whereby JD are\ue655exercisable within price is price shall\ue655not (2024: (2024: 3.3% - Sports Fashion 30 calendar days calculated exceed 6.4%-12.5%)4.8%)Plc may be after the based on a \u00a31.46\ue655billion.required to determination of\ue655the multiple of acquire the final put/call value for earnings remaining 20% the financial period. before of\ue655the issued The first put\ue655period interest, tax, share capital of will occur\ue655after the depreciation Genesis Topco determination of the and Inc in four put/call value for the amortisation equal\ue655tranches financial period for the with\ue655the ability to ending on 1 February relevant roll\ue655over a 2025.financial tranche that has The final put option period, less not previously can be exercised post-closing been subject to within a period of 30 cash and the exercise of a calendar days after debt.put\ue655option.the end of the fiscal period ending 1\ue655February 2028.Other put option liabilities 26Total liability 857(1) FY26 of the forecast includes the first full year impact of the Hibbett acquisition.Post Balance Sheet EventIn March 2025, an amendment was made to the Genesis shareholders' agreement. Under the revised terms, the exercise periods for the\ue655Non-Controlling Interest (NCI) put option and the JD call options have been deferred and could be be paid in two equal instalments of 10% with two exercise periods, as opposed to the previous agreement of four equal instalments of 5% with four exercise periods. Any\ue655option tranche can be deferred into the following exercise period, in line with the previous agreement. Additionally there has been no other changes to key terms in the agreement, other than the exercise periods noted above.See note 39 for further details.26. ProvisionsA provision is recognised in the Consolidated Statement of Financial Position when the Group has a present legal or constructive obligation as a result of a past event, it is more likely than not that an outflow of economic benefits will be required to settle the obligation and the obligation can be estimated reliably.Property ProvisionWithin the property provision, management has provided for expected dilapidations on stores and warehouses. This provision covers expected dilapidation costs for any lease considered onerous, any related to stores recently closed, stores which are\ue655planned to close or\ue655are at risk of closure and those under contract but not currently in use. Management maintains all properties to a high standard and carries out repairs whenever necessary during the Group\u2019s tenure. Therefore, if there is no risk of closure, any provision would be minimal and management does not consider it necessary to hold dilapidation provisions for these properties. The unwind of the provision will be dependent on management\u2019s decision about when a premises may be vacated, this would typically be over a five to\ue655seven year period.Other ProvisionsOther provisions comprises various other trade provisions and legal costs. The provisions are estimated based on accumulated experience, supplier communication and management approved forecasts. The unwind of the provision will be dependent on when the expected costs are incurred, this would typically be over a one to\ue655two year period.Onerous Contract ProvisionWithin the onerous contract provision, management has provided against the minimum contractual cost for the remaining term on a non-cancellable logistics services contract for the warehouse in Portugal within the Sport Zone division. The provision will be unwound over the remaining period ending 30 September 2030.PropertyOtherOnerous contractprovisionprovisionsprovisionTotal\u00a3m\u00a3m\u00a3m\u00a3mBalance at 28 January 2023 21 5 4 30 Provisions released during the period (1) (1) \u2013 (2) Provisions recognised during the period 2 3 3 8 Provisions utilised during the period (1) (3) (3) (7) Balance at 3 February 2024 21 4 4 29 Provisions released during the period (1) (2) \u2013 (3) Provisions recognised during the period 2 9 \u2013 11 Provisions acquired in the period \u2013 9 \u2013 9 Provisions utilised during the period \u2013 (8) (1) (9) At 1 February 2025 22 12 3 37 Provisions have been analysed between current and non-current as follows: 2025 2024 \u00a3m\u00a3mCurrent 10 8 Non-current 27 22 Provisions 37 3027. Deferred Tax Assets and LiabilitiesDeferred tax assets and liabilities are attributable to the following:Assets Assets Liabilities Liabilities Net Net 2025 2024 2025 2024 2025 2024 \u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mProperty, plant and equipment 5 4 (89) (69) (84) (65) Employee benefits 13 12 \u2013 \u2013 13 12 Property 33 32 \u2013 (1) 33 31 Specific trade provisions 15 9 \u2013 \u2013 15 9 Losses 15 10 \u2013 \u2013 15 10 Fascia names \u2013 \u2013 (120) (66) (120) (66) Other 5 4 \u2013 (1) 5 3 Tax assets/(liabilities) 86 71 (209) (137) (123) (66) In accordance with IAS 12, UK deferred tax has been recognised at the enacted rate of 25% at the balance sheet date. Deferred tax is recognised at the local enacted rate for overseas territories.The table above shows the split of the deferred tax balance by category. The Consolidated Statement of Financial Position shows the\ue655position after the legally enforceable right of offset. This results in an asset of \u00a332 million (2024: \u00a324 million) and a liability of \u00a3155 million (2024: net liability \u00a390 million) in the Consolidated Statement of Financial Position. This reflects the net position of \u00a3123 million liability (2024: \u00a366 million liability) shown in the table above. Movement in deferred tax during the period:Employee Specific trade Fascia PPEbenefits Propertyprovisions Lossesnames Other TotalBalance as at 28 January 2023 (56) 13 31 12 5 (85) 3 (77) Reclassification 1 \u2013 (1) \u2013 \u2013 \u2013 \u2013 \u2013 Disposed during the period \u2013 \u2013 \u2013 \u2013 \u2013 1 \u2013 1 Recognised in income statement (11) (1) 2 (2) 5 17 \u2013 10 Foreign exchange movement 1 \u2013 \u2013 (2) \u2013 1 \u2013 \u2013 Balance as at 3 February 2024 (65) 12 32 8 10 (66) 3 (66) Acquired/disposed during the period (25) 12 (7) 4 3 (66) 1 (78) Recognised in income statement 6 (12) 9 3 2 13 \u2013 21 Foreign exchange movement \u2013 1 (1) \u2013 \u2013 (1) 1 \u2013 Balance as at 1 February 2025 (84) 13 33 15 15 (120) 5 (123) As at 1\ue655February 2025, the Group had not recognised deferred income tax liability (2024: \u00a3Nil) in respect of taxes that would be payable on the unremitted earnings of certain overseas subsidiaries. At this date, the unrecognised gross temporary differences in\ue655respect of overseas subsidiaries was \u00a31,698 million (2024: \u00a31,344 million). Deferred tax is not provided on these differences as: i) No withholding tax is due under domestic tax legislation or the relevant tax treaty with the UK; orii) Withholding tax is recoverable in the UK; and/oriii) Management has the ability to control any future reversal and does not consider such a reversal to be probable.Unrecognised Deferred Tax AssetsIn line with its accounting policy, deferred tax assets have not been recognised on gross temporary differences of \u00a371 million (2024:\u00a393 million) as there is uncertainty over the timing of their utilisation. Additional information in relation to unrecognised deferred tax is shown in the table below. Gross Tax Gross Tax Amount Effect Amount Effect 2025 2025 20242024Property, plant and equipment 6 2 7 2 Property 15 5 1 \u2013 Specific trade provisions \u2013 \u2013 2 \u2013 Losses 50 12 83 21 Tax assets 71 19 93 23 Tax Losses Carried Forward To assess the recoverability of potential deferred tax assets arising on carry forward tax losses, both the historic profitability of the entity and the forecast financial performance for the next financial year are reviewed. Consideration is given to the reasons behind the historic losses, i.e. whether they arose due to one-off events, or longer-term factors, such as initial organic growth in a new jurisdiction.Where forecasts reflect a return to profitability, the key drivers are challenged and assessed. If there is sufficient evidence that it is \u2018more likely than not\u2019 that future taxable profits will exist against which unused tax losses may be offset, a deferred tax asset will be recognised.The Group has recognised deferred tax assets on gross losses of \u00a347 million (2024: \u00a340 million) as outlined in the table below. 2025 2024 \u00a3m\u00a3mRecognised tax lossesGross Amount Tax effect Gross Amount Tax effectTax losses expiring:Within 10 years 5 1 \u2013 \u2013 More than 10 years 4 1 1 \u2013 Available indefinitely 38 10 39 10 Total 47 12 40 10 2025 2024 Recognised tax losses (gross)\u00a3m\u00a3mJD Sports Fashion Europe Holdings Limited 13 \u2013 Iberian Sports Retail Group SL 11 15 Sprinter Megacentros Del Deporte SLU 7 11 JD Sports Fashion BV 4 8 Swim Sports Company Limited \u2013 5 JDSF Retail (Canada) Inc 4 \u2013 Marketing Investment Group S.A. 5 \u2013 Courir France SAS 2 \u2013 Other 1 1 Total 47 40 In line with its accounting policy, deferred tax assets have not been recognised on gross losses of \u00a350 million (2024: \u00a384 million) as there is uncertainty over the timing of their utilisation. These losses are outlined in the table below. 2025 2024 \u00a3m\u00a3mUnrecognised tax lossesGross Amount Tax effect Gross Amount Tax effectTax losses expiring:Within 10 years 5 1 22 5 More than 10 years 11 3 16 4 Available indefinitely 34 8 46 12 Total 50 12 84 21 Unrecognised tax losses (gross) 2025 2024 \u00a3m\u00a3mJD Sports Fashion Germany B.V. & Co. KG \u2013 10 JD Size GmbH 7 6 JD Sports Fashion AT GmbH 9 8 JD Sports Fashion Sweden AB 13 11 JD Sports Fashion Korea Inc \u2013 18 JDSF Retail (Canada) Inc 9 16 JD Sports Fashion Finland OY 3 3 Tiso Group Limited and its subsidiaries 2 3 Total Swimming Holdings Limited and its subsidiaries \u2013 4 Other 7 5 Total 50 8428. Capital and ReservesIssued Ordinary Share CapitalThe total number of authorised ordinary shares in the year was 6,240 million (2024: 6,240 million) with a par value of 0.05 pence per share (2024: 0.05 pence per share). All issued shares are fully paid. Details of substantial shareholdings in the Group have been included in the Directors\u2019 Report on pages 94 to 95.The capital structure of the Group consists of equity attributable to equity holders of the parent, comprising issued share capital, share premium and retained earnings. The Group is not subject to any externally imposed capital requirements.It is the Board\u2019s policy to maintain a strong capital base so as to maintain investor, creditor and market confidence and to sustain future\ue655development of the business. The processes for managing the Group\u2019s capital levels are that the Board regularly monitors the net\ue655cash/debt in the business, the working capital requirements and the forecast cash flows. Based on this analysis, the Board determines the appropriate return to equity holders while ensuring sufficient capital is retained in the business to meet its strategic\ue655objectives. Full disclosure on the rights attached to shares is provided in the Directors\u2019 Report.Number ofOrdinaryShareordinary sharesshare capitalpremiummillions\u00a3m\u00a3mAt 3 February 2024 5,183.1 3 468 At 1 February 2025 5,183.1 3 468 Net Debt to Capital RatioThere were no changes to the Group\u2019s approach to capital management during the period. The Board monitors capital using a net debt to equity ratio calculated as follows:2025 2024 \u00a3m\u00a3mNet debt (note 34) 3,007 1,452 Capital:Net debt (as above) 3,007 1,452 Equity (calculated as 5,183.1 million shares in issue multiplied by 89.1 pence per share (2024: 5,183.1 (1)million shares in issue multiplied by 113.0 pence per share) 4,618 5,857 Total Capital 7,625 7,309 Net debt to capital ratio 39% 20% (1) Share prices taken as at 1\ue655February 2025 and 3\ue655February 2024 respectively.Foreign Currency Translation ReserveThe foreign currency translation reserve comprises all foreign currency differences arising from the translation of the financial statements of foreign operations.Other EquityPut and Call Option ReservePut and call options over non-controlling interests are accounted for using the present value method. Upon initial recognition of\ue655the put or call option liability, a corresponding entry is made to Put and Call Option reserve, and for subsequent changes on\ue655remeasurement of the liability, the corresponding entry is made to adjusting items in the Consolidated Income Statement (see\ue655Note 25).Share-Based Payment ReserveThe Company had four share schemes in operation during the financial year, all of which are primarily equity-settled schemes (save for a\ue655proportion of cash-settled awards granted under the JD Sports Fashion Plc LTIP (2023)). Upon initial recognition, an entry is made to\ue655Other Equity, and for subsequent changes on\ue655remeasurement of the liability, the corresponding entry is made to the Consolidated Income Statement (see Note 33).29. Non-Controlling InterestsThe following disclosure provides summarised financial information for investments that have non-controlling interests (\u2018NCI\u2019). NCI\ue655is initially measured at the proportionate interest in identifiable net assets of the acquiree (see Note 11 for more detail on Acquisitions of Non-Controlling Interest and Note 12 on Divestment of Non-Controlling Interest in the period). The table below provides a list of\ue655the subsidiaries which include NCI at 1\ue655February 2025 and 3\ue655February 2024:Net incomeNet incomeattributable toattributable toNCI for 52 weeks NCI for 53 weeks NCI at NCI at ending NCI atending NCI at1 February 3 February 1 February 1 February 3 February 3 February Country of 2025 2024 2025 2025 2024 2024 Incorporation%%\u00a3m\u00a3m\u00a3m\u00a3mName of Subsidiary:Genesis Topco Inc US 20.0% 20.0% 54 433 46 385 Iberian Sports Retail Group Spain / SLPortugal \u2013% \u2013% \u2013 \u2013 13 \u2013 Marketing Investment Group S.A. Poland \u2013% \u2013% \u2013 \u2013 3 \u2013 (1)Other Various 2.5% - 40% 5% - 43% 4 17 4 27 58 450 66 412 (1) Other includes subsidiaries incorporated in the UK, France, Canada, Cyprus, Greece, and the US.The following table summarises the information relating to the Group\u2019s subsidiary that has a material NCI, Genesis Topco.Genesis Topco IncGenesis Topco Inc(sub-group) (sub-group) 2025 2024 Summarised Statement of Financial Position\u00a3m\u00a3mCurrent assets 1,240 1,050 Non-current assets 2,404 1,906 Total assets 3,644 2,956 Current liabilities (704) (666) Non-current liabilities (885) (574) Net assets 2,055 1,716 Genesis Topco IncGenesis Topco Inc(sub-group)(sub-group) 52 weeks to 53 weeks to 1 February 3 February 2025 2024 Summarised results of operations\u00a3m\u00a3mRevenue 4,243 3,443 Profit for the period, net of tax 227 21530. DividendsDividend distribution to the Company\u2019s shareholders is recognised as a liability in the Group and Company financial statements in the period in which it is approved.After the reporting date, the following dividend was proposed by the Directors and will be payable to all shareholders on the register at 13 June 2025. The dividends were not provided for at the reporting date.52 weeks to 1 February 53 weeks to 2025 3 February 2024 \u00a3m\u00a3m0.67 pence per ordinary share (2024: 0.60 pence) 35 31 Dividends on Issued Ordinary Share Capital52 weeks to 53 weeks to 1 February 3 February 20252024Final dividend of 0.60 pence (2024: 0.67 pence) per qualifying ordinary share paid in respect of prior period, but not recognised as a liability in that period 31 35 Interim dividend of 0.33 pence (2024: 0.30 pence) per qualifying ordinary share paid in respect of current period 17 15 48 5031. CommitmentsAs at 1\ue655February 2025, the Group had entered into contracts to purchase property, plant and equipment as follows:2025 2024 \u00a3m\u00a3mContracted 54 5932. Pension SchemesThe Group operates defined contribution pension schemes, the assets of which are held separately from those of the Group in independently administered funds. Obligations for contributions to the defined contribution schemes are recognised as an\ue655expense in\ue655the Consolidated Income Statement when incurred.The pension charge for the period represents contributions payable by the Group of \u00a327 million (2024: \u00a323 million) in\ue655respect\ue655of employees. Disclosure of the pension contributions payable in respect of the Directors is included in the Directors\u2019 Remuneration Report on pages 114 to 139. The amount owed to the schemes at the period end was \u00a39 million (2024: \u00a37 million).33. Share-Based PaymentsThe share-based payment expense for the year is \u00a31 million, which is made up of share option schemes, share awards and cash-settled awards, and will be settled in equity (2024: \u00a33 million, of which \u00a32 million will be settled in equity and \u00a31 million in cash).As at the reporting date, there was no liability arising from cash-settled share-based payments (2024: \u00a3Nil).Share Option and Share SchemesThe Company had the following share schemes in operation during the financial year, all of which are primarily equity-settled schemes (save for a proportion of cash-settled awards granted under the JD Sports Fashion Plc LTIP (2023)):1. The JD Sports Fashion Plc LTIP (2021) permits the grant of a hybrid of cash and options in respect of ordinary shares to selected executives. Options are normally exercisable between the vesting date(s) set at grant and 10 years from the date of grant for nil consideration. The vesting of options will normally be conditional upon the achievement of specified performance targets over a three-year period and/or continuous employment.2. The JD Sports Fashion Plc LTIP (2022) permits the grant of a hybrid of cash and options in respect of ordinary shares to selected executives. Options are normally exercisable between the vesting date(s) set at grant and 5 years from the date of grant for nil consideration. The vesting of options will normally be conditional upon the achievement of specified performance targets over a three-year period and/or continuous employment.3. JD Sports Fashion Plc LTIP (2023) permits the grant of share options in respect of ordinary shares, share awards and cash-settled awards to selected executives. Options are normally exercisable between the vesting date(s) set at grant and 10 years from the date of grant for nil consideration. The vesting of options, share awards and cash-settled awards will normally be conditional upon the achievement of specified performance targets over a three-year period and/or continuous employment.4. JD Sports Fashion Plc LTIP (2024) permits the grant of share options in respect of ordinary shares, share awards and cash-settled awards to selected executives. Options are normally exercisable between the vesting date(s) set at grant and 10 years from the date of grant for nil consideration. The vesting of options and share awards will normally be conditional upon the achievement of specified performance targets over a three-year period and/or continuous employment.5. The Deferred Bonus Plan permits the grant of options in respect of ordinary shares to selected senior executives as a proportion of annual bonus following the completion of a required service period and is dependent on the achievement of corporate performance and individual targets. Options are normally exercisable between three and 10 years from the date of grant for nil consideration. The following tables reconcile the number of share options outstanding and the weighted average exercise price (\u2018WAEP\u2019):52 week period ended 1\ue64aFebruary 2025Long-TermLong-Term Long-Term Long-Term Deferred Bonus Incentive Plan (2021)Incentive Plan (2022)Incentive Plan (2023)Incentive Plan (2024)Plan (2024)Options WAEP (\u00a3) Options WAEP (\u00a3) Options WAEP (\u00a3) Options WAEP (\u00a3) Options WAEP (\u00a3)Outstanding as at 3 February 2024 53,225 \u2013 980,100 \u2013 20,750,183 \u2013 \u2013 \u2013 \u2013 \u2013 Options granted 549,310 \u2013 \u2013 \u2013 2,667,232 \u2013 29,349,661 \u2013 534,125 \u2013 Options forfeited \u2013 \u2013 \u2013 \u2013 (3,918,756) \u2013 \u2013 \u2013 \u2013 \u2013 Options exercised \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Options expired \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Outstanding as at 1 February 2025 602,535 \u2013 980,100 \u2013 19,498,659 \u2013 29,349,661 \u2013 534,125 \u2013 Exercise price (pence) \u2013 \u2013 \u2013 \u2013 \u2013 Exercisable at 1 February 2025 \u2013 \u2013 \u2013 \u2013 \u2013 Weighted average remaining contractual (1)life (years)0.4 \u2013 1.8 2.8 1.3Range of exercise price \u2013 \u2013 \u2013 \u2013 \u2013(1) Contractual life represents the period from award to the vesting date. Certain schemes may be exercised later than the vesting date at the discretion of the individual.53 week period ended 3\ue64aFebruary 2024Long-TermLong-Term Long-Term Incentive Plan (2021)Incentive Plan (2022)Incentive Plan (2023)Options WAEP (\u00a3) Options WAEP (\u00a3) Options WAEP (\u00a3)Outstanding as at 28 January 2023 53,225 \u2013 \u2013 \u2013 \u2013 \u2013Options granted \u2013 \u2013 980,100 \u2013 20,750,183 \u2013Options forfeited \u2013 \u2013 \u2013 \u2013 \u2013 \u2013Options exercised \u2013 \u2013 \u2013 \u2013 \u2013 \u2013Options expired \u2013 \u2013 \u2013 \u2013 \u2013 \u2013Outstanding as at 3 February 2024 53,225 \u2013 980,100 \u2013 20,750,183 \u2013Exercise price (pence) \u2013 \u2013 \u2013 \u2013 \u2013 \u2013Exercisable at 3 February 2024 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013Long-TermLong-Term Long-Term Incentive Plan Incentive Plan (2021)Incentive Plan (2022)(2023)(1)Weighted average remaining contractual life (years)2.6 3.6 2.5(1) Contractual life represents the period from award to the vesting date. Certain schemes may be exercised later than the vesting date at the discretion of the individual.The number and weighted average fair value (\u2018WAFV\u2019) of share awards granted during the financial year were:52 week period ended 53 week period ended 1\ue650February 20253\ue655February 2024(1)(2)(1)(2)Number of shares WAFV (pence) Number of shares WAFV (pence)Long-Term Incentive Plan (2021) 549,310 126.9 53,225 113.0Long-Term Incentive Plan (2022) \u2013 \u2013 980,100 129.0Long-Term Incentive Plan (2023) - equity-settled 2,667,232 126.9 20,750,183 129.0Long-Term Incentive Plan (2024) 29,349,661 131.7 \u2013 \u2013Deferred Bonus Plan 534,125 124.4 \u2013 \u2013(1)Buyout awards38,008 134.5 541,183 140.7(1) Buy-out awards granted to selected Executives during the year. Further details of these are set out below.(2) The weighted average fair value (\u2018WAFV\u2019) price is calculated as the share price at the grant date less dividends foregone over the expected life of the award.Buy-out awardsSelected executives were granted buyout awards during the year in respect of awards forfeited from their previous employer on commencement of employment with the Group. Buy-out awards are typically structured as restricted shares such that a proportion of\ue655the overall award is used to settle the tax and social security due on the award, with the net number of restricted shares subject to\ue655continued employment over a specified period. These restrictions fall away evenly over the service period and therefore the share-based payment expense has been spread over the service period.No share-based awards were modified during the financial year.During the period ended 1 February 2025, buy-out awards were issued to key management personnel with a gross value of \u00a30.09 million (period ended 3 February 2024: gross value of \u00a31.2m). Cash Settled AwardsThe number of cash-settled awards granted during the financial year were:52 weeks ending53 week period ended 1 February 20253\ue655February 2024Number of shares Number of sharesLong-Term Incentive Plan (2023) - cash-settled 641,925 3,276,85434. Analysis of Net DebtNet debt consists of cash and cash equivalents together with other borrowings from bank loans and overdrafts, other loans, loan notes, lease liabilities and similar hire purchase contracts.OnLease acquisition &additions, disposal ofterminations, At subsidiaries,modifications 3\ue655Februaryassociates FX & At 1 2024and NCIsCash flowmovementreassessments February\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m 2025Cash and cash equivalents 1,153 76 (498) \u2013 \u2013 731 Overdrafts (60) \u2013 24 \u2013 \u2013 (36) Cash and cash equivalents(1)held-for-sale 9 \u2013 (9) \u2013 \u2013 \u2013 Cash and cash equivalents for thepurposes of the Consolidated Statementof Cash Flows 1,102 76 (483) \u2013 \u2013 695 Bank loans (70) (228) (364) 19 \u2013 (643) Lease liabilities (2,484) (381) 420 12 (626) (3,059) Total liabilities from financing activities (2,554) (609) 56 31 (626) (3,702) Net (debt)/cash (1,452) (533) (427) 31 (626) (3,007) (1) See Note 37 for details of assets held-for-sale.OnLease acquisition &additions, disposal ofterminations, At 28 subsidiaries,modifications January associates FX & At 32023 and NCIsCash flowmovementreassessments February \u00a3m\u00a3m\u00a3m\u00a3m\u00a3m 2024Cash and cash equivalents 1,508 \u2013 (327) (28) \u2013 1,153 Overdrafts (34) \u2013 (26) \u2013 (60) Cash and cash equivalentsheld-for-sale 75 \u2013 (66) \u2013 \u2013 9 Cash and cash equivalents for thepurposes of the Consolidated Statementof Cash Flows 1,549 \u2013 (419) (28) \u2013 1,102 Bank loans (80) 5 6 (1) \u2013 (70) Lease liabilities (2,384) 55 400 41 (596) (2,484) Total liabilities from financing activities (2,464) 60 406 40 (596) (2,554) Net (debt)/cash (915) 60 (13) 12 (596) (1,452) In addition to the liabilities included in the table above, the Group has accrued put and call option liabilities at 1\ue655February 2025 of\ue655\u00a3857 million (2024: \u00a3810 million), which are not classified as net debt in the note above.35. Cash flows from operating activities(1)Restated52 weeks to53 weeks to 1\ue650February 3\ue655February 20252024 \u00a3m \u00a3mCash flows from operating activitiesProfit for the period 540 605 Adjustments for:Income tax expense 175 206 Finance expenses (non-adjusting) 153 102 Finance expenses (adjusting) 62 (6) Finance income (non-adjusting) (27) (39) Depreciation and amortisation of non-current assets (non-adjusting) 729 615 Depreciation and amortisation of non-current assets (adjusting) 57 49 Share based payment charge 1 3 Loss on disposal of non-current assets 18 8 Profit on disposal of subsidiaries/associates/joint ventures (adjusting) (81) \u2013 Gain on FX forward contracts (recorded in Cost of sales) (10) (17) Impairment of other intangibles and non-current assets (non-adjusting) 12 22 Impairment of goodwill and fascia names (adjusting) 5 35 Impairment of other intangibles and non-current assets (adjusting) 108 4 Other non-cash adjusting items 24 69 Share of profit of equity-accounted investees (net of tax) (5) (8) Profit before working capital changes 1,761 1,648 (Increase) in inventories (10) (196) Decrease/(increase) in trade and other receivables 32 (36) (Decrease)/increase in trade and other payables (159) 35 Cash generated from operations 1,624 1,451 (1) For the financial period ended 1\ue655February 2025, the Group has updated the adjusting items policy to include the amortisation of acquired intangible assets. Please refer to Note 4 for further details of the restatement.36. Related Party Transactions and BalancesTransactions and balances with each category of related parties during the period are shown below. Outstanding balances are unsecured (unless otherwise\ue655stated) and will be settled in cash.Transactions with Related Parties who are not Members of the GroupPentland Group LimitedDuring the financial period, Pentland Group Limited (Pentland) and its subsidiaries owned 51.6% (2024: 51.6%) of the issued ordinary share capital of JD Sports Fashion Plc. The Group made purchases of inventory from Pentland in the period and the Group also sold inventory to Pentland. The Group also paid royalty costs to Pentland Group Limited for the use of\ue655brands. During the period, the Group entered into the following transactions with Pentland:ExpenditureIncome fromExpenditure with Income fromwith relatedrelated parties related parties related parties parties 2025202520242024\u00a3m\u00a3m\u00a3m\u00a3mPurchase of inventory \u2013 (35) \u2013 (32) Royalty costs \u2013 (3) \u2013 (5) Dividends \u2013 (25) \u2013 (26) At the end of the period, the following balances were outstanding with Pentland:Amounts owed by Amounts owed to Amounts owed by Amounts owed to related parties related parties related parties related parties 2025 2025 2024 2024 \u00a3m\u00a3m\u00a3m\u00a3mTrade receivables/(payables) \u2013 \u2013 \u2013 (1) Montirex LimitedTo ensure transparency the Group voluntarily discloses transactions with Montirex whose Chairman is also a member of the JD Sports Board.During the period, the Group entered into the following transactions with Montirex:ExpenditureIncome fromExpenditure with Income fromwith relatedrelated parties related parties related parties parties 2025202520242024\u00a3m\u00a3m\u00a3m\u00a3mPurchase of inventory \u2013 (45) \u2013 (12) At the end of the period, the following balances were outstanding with Montirex:Amounts owed by Amounts owed to Amounts owed by Amounts owed to related parties related parties related parties related parties 2025 2025 2024 2024 \u00a3m\u00a3m\u00a3m\u00a3mTrade receivables/(payables) \u2013 (1) \u2013 \u2013 Associates and Joint VenturesDuring the period, the Group entered into the following transactions with its associates and joint ventures:ExpenditureIncome fromExpenditure with Income fromwith relatedrelated parties related parties related parties parties 2025 2025 2024 2024 \u00a3m\u00a3m\u00a3m\u00a3mPurchase of inventory \u2013 (2) \u2013 (3) Recharge of expenses 2 \u2013 2 \u2013 Associates and Joint Ventures continuedAt the end of the period, the Group had the following balances outstanding with its associates and joint ventures:Amounts owed by Amounts owed to Amounts owed by Amounts owed to related parties related parties related parties related parties 2025 2025 2024 2024 \u00a3m\u00a3m\u00a3m\u00a3mTrade receivables 4 \u2013 4 \u2013 Loans receivable in less than 1 year \u2013 \u2013 \u2013 \u2013 Loans receivable in more than 1 year 9 \u2013 \u2013 \u2013 Trade payables \u2013 \u2013 \u2013 \u2013 Other receivables from associates and joint ventures relate to costs incurred by the Group on behalf of these entities, which have then\ue655been recharged. The loan receivable in more than one year of \u00a39 million (2024: \u00a3Nil) is presented within other receivables within non-current assets.In addition to the above transactions a number of non-controlling interest buyout transactions occurred in the course of the financial period, as disclosed in Note 11.Transactions with Key Management PersonnelMembers of the Board of Directors and Executive Committee of JD Sports Fashion Plc are deemed to be key management personnel. The Executive Committee are comprised Heads of Centres of Excellence and Heads of Business Units as outlined on pages 92 to 93.At 1 February At 3 February 20252024Number of key management personnel:Board of Directors (including Non-executive Directors) 12 13 Executive Committee (members not on the Board of Directors) 11 11 During the period, the Group entered into the following transactions with its key management personnel:ExpenditureIncome fromExpenditure with Income fromwith relatedrelated parties related parties related parties parties 2025 2025 2024 2024 \u00a3m\u00a3m\u00a3m\u00a3mPurchase of non-controlling interest \u2013 (5) \u2013 \u2013 Property rental \u2013 (10) \u2013 (11) Purchase of non-controlling interest relates to acquisition of 2.5% minority shareholding in JD Sports Gyms Limited held by a member of key management personnel. See Note 11 for more information. At the end of the period, the Group had the following balances outstanding with its key management personnel:Amounts owed by Amounts owed to Amounts owed by Amounts owed to related parties related parties related parties related parties 2025 2025 2024 2024 \u00a3m\u00a3m\u00a3m\u00a3mTrade receivables/(payables) 1 (2) \u2013 (1) Lease liabilities relating to rented properties \u2013 (62) \u2013 (64) Cost of key management personnel compensation for the financial year is as follows: 20252024\u00a3m\u00a3mSalaries and short-term benefits 11 13 Attributable to:Board of Directors (including Non-executive Directors) 4 5 Executive Committee (members not on the Board of Directors) 7 8 11 13 The JD and Finish Line FoundationsThe Group operates two foundations that receive their income from, but independently of, JD Sports Fashion Plc: The JD Foundation and The\ue655Finish Line Foundation. The JD Foundation is dependent on all\ue655income net of VAT arising from the sale of single-use carrier bags in\ue655JD\ue655stores in England, Scotland, Wales, Northern Ireland and\ue655other European countries, as well as micro-donations from customers at\ue655the store point of sale and colleague donations and\ue655fundraising. The Finish Line Foundation is dependant on income from micro-donations from JD Sports and Finish Line customers at the point of sale, colleague\u2019s donations and fundraising from JD Sports and Finish Line\u2019s vendors. During the period, the Group entered into the following transactions with the JD and Finish Line Foundations:ExpenditureIncome fromExpenditure with Income fromwith relatedrelated parties related parties related parties parties 2025202520242024\u00a3m\u00a3m\u00a3m\u00a3mDonations \u2013 (5) \u2013 (3)37. Assets held-for-saleDerby Distribution CentreDuring the year, the Group closed a distribution centre in Derby, as part of its strategic operational restructuring. As at 1 February 2025, the distribution centre met the criteria to be classified as held for sale in accordance with IFRS 5 Non-current Assets Held-for-Sale.Management is committed to a plan to sell the asset and an active programme to locate a buyer and complete the sale has been initiated. The sale is expected to be completed within 12 months from the reporting date.Accordingly, the carrying amount of the right of use asset of \u00a342 million has been reclassified from right of use assets to non-current assets held-for-sale. Depreciation ceased on the date of classification. Lease liabilities of \u00a350 million were also reclassified to non current liabilities held-for-sale. See Note 16 for further detail.An impairment loss of \u00a369 million was recognised on reclassification of plant and equipment as the carrying amount of \u00a384 million exceeded fair value less costs to sell. Estimated fair value less costs to sell is \u00a315 million.Mainline Menswear Holdings LimitedThe assets related to Mainline Menswear Limited are no longer recorded as assets held-for-sale. The marketing process ceased in late\ue655June\ue6552024 as none of the interest parties was considered suitable. The non-controlling interest of 20% was purchased by the Group in October 2024 for total consideration of \u00a317 million, which includes \u00a39 million deferred consideration contingent upon the ongoing employment of the former shareholder for an agreed period. At\ue6551\ue655February 2025, Mainline Menswear Limited is wholly owned by the Group.Included in the 53 week period ended 3\ue655February 2024 was revenue of \u00a375 million and a profit before tax of \u00a311 million in\ue655respect of\ue655Mainline Menswear Holdings and its subsidiaries. Details are provided in the table below. As at 3 February 2024 \u00a3mIntangible assets 8 Property, plant and equipment 1 Right-of-use assets \u2013 Inventories 14 Trade and other receivables 2 Income tax receivable \u2013 Cash and cash equivalents 9 Assets held-for-sale 34 Lease liabilities \u2013 Trade and other payables (8) Liabilities held-for-sale (8)38. Contingent LiabilitiesAccounting policiesContingent liabilities are potential future cash outflows, where the likelihood of payment is considered more than remote but is not considerable probable or cannot be fully measured.Claims and LitigationThe activities of the Group are overseen by regulators around the world and, whilst the Group strives to ensure full compliance with all its regulatory obligations, periodic reviews are inevitable, which may result in a financial penalty. If the risk of a financial penalty arising from one of these reviews is more than remote but not probable or cannot be measured reliably then the Group will disclose this matter as a contingent liability. If the risk of a financial penalty is considered probable and can be measured reliably then the Group would make a provision for this matter.The Group had no material contingent liabilities at 1\ue655February 2025 (2024: none).39. Post Balance Sheet EventsGenesis Put and Call AmendmentIn March 2025, an amendment was made to the Genesis shareholders' agreement. Under the revised terms, the exercise periods for the Non-Controlling Interest (NCI) put option and the JD call options have been deferred and will now be paid in two equal instalments of 10% with two exercise periods, as opposed to the previous agreement of four equal instalments of 5%.The first exercise period for the options will now occur following the financial year ending in 2029, and the second exercise period will\ue655be following the financial year ending in 2030. As a result of this change, the current portion of the liability will be presented as non-current at FY26. The method for calculating the option price remains unchanged and continues to be based on a multiple of earnings before interest, tax, depreciation, and amortisation (EBITDA) for the relevant financial period, adjusted for post-closing cash and debt. The cap on the total liability remains unchanged at \u00a31.5 billion.Based on a risk-free discount rate, in accordance with accounting standards for valuing this liability, the Genesis put/call valuation present value is expected to increase by approximately \u00a3250 million. If JD North America\u2019s WACC rate were to be used (see Note 13) as the discount rate, the present value of the liability is broadly unchanged as a result of the deferral.Share BuybackAs announced on 9 April 2025, the company has commenced an initial share buyback programme to repurchase ordinary shares with a\ue655market value of up to \u00a3100 million. The purpose of the programme is to reduce share capital and, accordingly, the shares repurchased are subsequently cancelled or held in treasury. The programme will complete no later than 31 July 2025. 40. Subsidiary Undertakings (including Joint Ventures and Associates)The following companies were the subsidiary undertakings of JD Sports Fashion Plc at 1\ue655February 2025:Ownership andPlace of voting rights Name of subsidiaryregistration Registered address Nature of businessinterest24Sevenbikes Ltd^ UK Hollinsbrook Way, Pilsworth, Bury, Non-trading 100%Lancashire, BL9 8RR2Squared Agency Limited UK Hollinsbrook Way, Pilsworth, Bury, Non-trading 100%Lancashire, BL9 8RRA Number of Names Limited UK Hollinsbrook Way, Pilsworth, Bury, Trading 100%Lancashire, BL9 8RRActivInstinct Holdings Limited UK Hollinsbrook Way, Pilsworth, Bury, Non-trading 100%Lancashire, BL9 8RRActivInstinct Limited^ UK Hollinsbrook Way, Pilsworth, Bury, Non-trading 100%Lancashire, BL9 8RRAllsports.co.uk Limited^ UK Hollinsbrook Way, Pilsworth, Bury, Non-trading 100%Lancashire, BL9 8RRAlpine Bikes Limited^ UK 41 Commercial Street, Leith, Edinburgh, Non-trading 100%EH6 6JDAlpine Group (Scotland) Limited^ UK 41 Commercial Street, Leith, Edinburgh, Non-trading 100%EH6 6JDAspecto Holdings Limited UK Hollinsbrook Way, Pilsworth, Bury, Non-trading 100%Lancashire, BL9 8RRAspecto Trading Limited^ UK Hollinsbrook Way, Pilsworth, Bury, Non-trading 100%Lancashire, BL9 8RRAthleisure Limited UK Hollinsbrook Way, Pilsworth, Bury, Non-trading 100%Lancashire, BL9 8RRBlacks Outdoor Retail Limited UK Hollinsbrook Way, Pilsworth, Bury, Trading 100%Lancashire, BL9 8RRChampion Retail Limited^ ROI Fitzwilliam 28, Fitzwilliam Street Lower, Non-trading 100%Dublin 2, D02\ue655KF20 IrelandChampion Sports (Holdings) ROI Fitzwilliam 28, Fitzwilliam Street Lower, Non-trading 100%Unlimited^Dublin 2, D02\ue655KF20 IrelandChampion Sports Group Limited^ ROI Fitzwilliam 28, Fitzwilliam Street Lower, Non-trading 100%Dublin 2, D02\ue655KF20 IrelandChampion Sports Ireland Unlimited^ ROI Fitzwilliam 28, Fitzwilliam Street Lower, Trading 100%Dublin 2, D02\ue655KF20 IrelandChampion Sports Newco Limited^ ROI Fitzwilliam 28, Fitzwilliam Street Lower, Non-trading 100%Dublin 2, D02\ue655KF20 IrelandCity Gear, LLC^ US 2700 Milan Court, Birmingham, Trading 80%Alabama 35211Cloggs Online Limited UK Hollinsbrook Way, Pilsworth, Bury, Non-trading 100%Lancashire, BL9 8RRCosmos Sport Commercial, Hotel Greece 148, 62 Martiron Ave. 71303, Kaminia, Trading 80%and Tourism Soci\u00e9t\u00e9 Anonyme^Heraklion, CreteCosmossport Trading (Cyprus) Cyprus 11 Michail Paridi, 1095, Nicosia Trading 80%Limited^Courir Belgium S\u00e0arl^ Belgium 57 Rue chauss\u00e9e d\u2019Ixelles, 1050 \u2013 Ixelles Trading 100%Courir France SAS^ France 91 avenue Ledru Rollin, 75011 Trading 100%Courir Ib\u00e9ria S.L.^ Spain 514 carretera Muntaner P3 PTA 2, Trading 100%Sarri\u00e0-Sant Gervasi, 08022Courir Italia SRL^ Italy 94 Viale Abruzzi 20131 Trading 100%Courir Luxembourg SARL^ Luxembourg 25 Boulevard F.W Raiffeisen 2411 Trading 100%Courir Netherlands B.V.^ Netherlands Kazernestraat 88 D, 2514CW Trading 100%Courir Portugal Lda^ Portugal Avenida da Rep\u00fablica, n\u00ba 50, 10\u00ba , 1069 Trading 100%Deporvillage S.L.^ Spain C/ Tines, Pol. Ind. el Grau, 32-34, Sant Trading 98%Fruit\u00f3s de Bages 08272, BarcelonaDTLR, Inc^ US 1300 Mercedes Drive, Hanover, MD Trading 80%21076Duffer of St George Limited UK Hollinsbrook Way, Pilsworth, Bury, Non-trading 100%Lancashire, BL9 8RRExclusive Footwear Limited UK Hollinsbrook Way, Pilsworth, Bury, Non-trading 90%Lancashire, BL9 8RR40. Subsidiary Undertakings (including Joint Ventures and Associates) continuedOwnership andPlace of voting rights Name of subsidiaryregistration Registered address Nature of businessinterestFinish Line Transportation, Inc^ US 3308 N. Mitthoeffer Rd. Indianapolis, IN Trading 80%46235First Sport Limited^ UK Hollinsbrook Way, Pilsworth, Bury, Non-trading 100%Lancashire, BL9 8RRFootpatrol London 2002 Limited UK Hollinsbrook Way, Pilsworth, Bury, Non-trading 100%Lancashire, BL9 8RRGenesis Finco Limited UK Hollinsbrook Way, Pilsworth, Bury, Non-trading 100%Lancashire, BL9 8RRGenesis Holdings Inc^ US 3308 N. Mitthoeffer Rd. Indianapolis, IN Non-trading 80%46235Genesis Topco Inc US 3308 N. Mitthoeffer Rd. Indianapolis, IN Non-trading 80%46235George Fisher Holdings Limited^ UK 41 Commercial Street, Leith, Edinburgh, Non-trading 100%EH6 6JDGeorge Fisher Limited^ UK Hollinsbrook Way, Pilsworth, Bury, Non-trading 100%Lancashire, BL9 8RRGift Card Services, LLC^ US Box #735, 8005 Creighton Parkway, Trading 80%Suite C, Mechanicsville, Virginia 23111Go Outdoors Retail Limited^ UK Hollinsbrook Way, Pilsworth, Bury, Trading 100%Lancashire, BL9 8RRGraham Tiso Limited^ UK 41 Commercial Street, Leith, Edinburgh, Trading 100%EH6 6JDGroupe Courir SAS^ France 91 avenue Ledru Rollin, 75011 Trading 100%Hibbett Digital Management, LLC^ US 2700 Milan Court, Birmingham, Trading 80%Alabama 35211Hibbett Holdings, LLC^ US 201 Corporate Woods Drive, Alabaster, Non-trading 80%Alabama 35007Hibbett Inc.^ US 2700 Milan Court, Birmingham, Non-trading 80%Alabama 35211Hibbett Retail, Inc.^ US 2700 Milan Court, Birmingham, Trading 80%Alabama 35211Hibbett Wholesale, Inc.^ US 201 Corporate Woods Drive, Alabaster, Trading 80%Alabama 35007Hip (Birmingham) Limited UK Hollinsbrook Way, Pilsworth, Bury, Non-trading 100%Lancashire, BL9 8RRHip Store Limited UK Hollinsbrook Way, Pilsworth, Bury, Non-trading 100%Lancashire, BL9 8RRIberian Sports Retail Group SLU^ Spain Pol\u00edgono Industrial de las Atalayas, Non-trading 100%Avenida Euro, N2, Alicante 03114Infinities Retail Group Holdings UK Hollinsbrook Way, Pilsworth, Bury, Non-trading 100%LimitedLancashire, BL9 8RRInfinities Retail Group Limited^ UK Hollinsbrook Way, Pilsworth, Bury, Non-trading 100%Lancashire, BL9 8RRJ D Sports Limited UK Hollinsbrook Way, Pilsworth, Bury, Non-trading 100%Lancashire, BL9 8RRJandernama SL Spain Pol\u00edgono Industrial de las Atalayas, Non-trading 100%Avenida Euro, N2, Alicante 03114JD Canary Islands Sports (SLU)^ Spain Pol\u00edgono Industrial de las Atalayas, Trading 100%Avenida Euro, N2, Alicante 03114JD Newco 2 Limited UK Hollinsbrook Way, Pilsworth, Bury, Non-trading 100%Lancashire, BL9 8RRJD Outdoors Holdings Limited UK Hollinsbrook Way, Pilsworth, Bury, Non-trading 100%Lancashire, BL9 8RRJD Size GmbH Germany Neusser Strasse 93, 50670 Cologne Trading 100%JD Spain Sports Fashion 2010 SL^ Spain Pol\u00edgono Industrial de las Atalayas, Trading 100%Avenida Euro, N2, Alicante 03114JD Sports (Thailand) Limited^ Thailand Room No. TT04 No. 1106 Sukhumvit Trading 100%Road, Phrakhanong Sub-district, Klongtoey District, BangkokOwnership andPlace of voting rights Name of subsidiaryregistration Registered address Nature of businessinterestJD Sports Active Limited UK Hollinsbrook Way, Pilsworth, Bury, Trading 100%Lancashire, BL9 8RRJD Sports Fashion (France) SAS^ France Wood Park - Parc d'Affaires du Ch\u00e2teau Non-trading 100%Rouge - 274 bis avenue de la Marne - 59700 Marcq-en-BaroeulJD Sports Fashion AT GmbH Austria Vienna CityTax Steuerberater GmbH, Trading 100%Untere Donaustra\u00dfe 13-15, 1020 WienJD Sports Fashion Aus Pty^ Australia Level 12, 338 Pitt Street, Sydney, NSW, Trading 100%2000JD Sports Fashion B.V.^ Netherlands Oosteinderweg 247 B 1432 AT Trading 100%AalsmeerJD Sports Fashion Belgium B.V.^ Belgium Wiegstraat 21, 2000 Antwerpen Trading 100%JD Sports Fashion Denmark APS^ Denmark C/O CSC (DENMARK) ApS Trading 100%Sundkrogsgade 21, 2100 K\u00f8benhavn \u00d8JD Sports Fashion Europe Holdings UK Hollinsbrook Way, Pilsworth, Bury, Non-trading 100%LimitedLancashire, BL9 8RRJD Sports Fashion Finland OY^ Finland C/o Intertrust Finland Oy, Trading 100%Lautatarhankatu 6, 00580, HelsinkiJD Sports Fashion Germany B.V. & Germany Neusser Stra\u00dfe 93, 50670 Cologne Trading 100%Co KG^ JD Sports Fashion Holdings Aus Pty Australia Level 12, 338 Pitt Street, Sydney, NSW, Non-trading 100%2000JD Sports Fashion Holdings Limited UK Hollinsbrook Way, Pilsworth, Bury, Non-trading 100%Lancashire, BL9 8RRJD Sports Fashion India LLP India B-808 The Platina, Gachibawli, Non-trading 100%Hyderabad, Telangana, 500032JD Sports Fashion Israel (2021) Israel HaMelacha 8 Holon, 5881504 Trading 60%JLimited Partnership^JJD Sports Fashion Israel Ltd^Israel HaMelacha 8 Holon, 5881504 Non-trading 60%JD Sports Fashion NZ Pty Limited^ New Zealand Anderson Lloyd, Level 12 Otago House, Trading 100%Cnr Moray Place & Princes Street, Dunedin, 9016JD Sports Fashion PTE LTD^ Singapore 190 Middle Road, 14-05, Fortune Centre, Trading 100%188979JD Sports Fashion SDN BHD Malaysia Suite D23, 2nd Floor, Plaza Pekeliling, Trading 100%No. 2, Jalan Tun Razak, 50400 Kuala LumpurJD Sports Fashion SRL Italy Via Alessandro Manzoni n. 38. Milano, Trading 100%20121JD Sports Fashion Sweden AB^ Sweden C/o CSC CN (Sweden) AB, PO Box Trading 100%16285, 103 25 StockholmJD Sports Gyms Acquisitions UK Hollinsbrook Way, Pilsworth, Bury, Non-trading 98%Limited^ Lancashire, BL9 8RRJD Sports Gyms Limited UK Hollinsbrook Way, Pilsworth, Bury, Trading 98%Lancashire, BL9 8RRJDSF B.V.^ Germany Neusser Stra\u00dfe 93, 50670 Cologne Trading 100%JDSF Holdings (Canada) Inc^ Canada 1200 Waterfront Centre, 200 Burrard Non-trading 64%Street, Vancouver BC V6C 3L6JDSF Retail (Canada) Inc^ Canada 1200 Waterfront Centre, 200 Burrard Trading 70%Street, Vancouver BC V6C 3L6John David Sports Fashion (Ireland) ROI Fitzwilliam 28, Fitzwilliam Street Lower, Trading 100%Limited^Dublin 2, D02\ue655KF20 IrelandLand and Estates Commercial UK Hollinsbrook Way, Pilsworth, Bury, Non-trading 100%Properties (Coatbridge) Limited^Lancashire, BL9 8RRLand and Estates Commercial UK Hollinsbrook Way, Pilsworth, Bury, Non-trading 100%Properties LimitedLancashire, BL9 8RRMainline Menswear Holdings Limited UK Hollinsbrook Way, Pilsworth, Bury, Non-trading 100%Lancashire, BL9 8RRMainline Menswear Limited^ UK Hollinsbrook Way, Pilsworth, Bury, Trading 100%Lancashire, BL9 8RROwnership andPlace of voting rights Name of subsidiaryregistration Registered address Nature of businessinterestMarathon Sports Limited^ UK C/O Carson Mcdowell Llp Murray Non-trading 100%House, Murray Street, Belfast, Northern Ireland, BT1 6DNMarketing Investment Group BH Bosnia and Sarajevo-Centar, Sarajevo, Kotromani\u0107a Trading 100%dru\u0161tvo sa ograni\u010denom Herzegovinabr. 48odgovorno\u0161\u0107u^Marketing Investment Group Bulgaria 53\u0410 Nikola Y. Vaptsarov Blvd., 1407 Trading 100%Bulgaria EOOD^Promishlena zona Hladilnika, SofiaMarketing Investment Group CR Croatia Zagreb (City of Zagreb) Horvatova Trading 100%d.o.o. za trgovinu^ulica 80AMarketing Investment Group Czech Czech Jakubsk\u00e1 647/2, Star\u00e9 M\u011bsto, 110 00, Trading 100%s.r.o.^RepublicPrahaMarketing Investment Group Estonia Estonia Harju maakond, Tallinn, Kesklinna Trading 100%O\u00dc^linnaosa, Narva mnt 5, 10117Marketing Investment Group Hungary Horv\u00e1t utca 14-24. 4. em. 2, Budapest, Trading 100%Hungary Korl\u00e1tolt Felel\u0151ss\u00e9g\u0171 1027T\u00e1rsas\u00e1g^Marketing Investment Group S.A. Poland ul. Prof. Micha\u0142a \u017byczkowskiego 10, Trading 100%31-864 Krak\u00f3wMarketing Investment Group SL, Slovenia Tr\u017ea\u0161ka cesta 515, 1351 Brezovica pri Trading 100%prodaja \u0161portne opreme in obla\u010dil, Ljubljanid.o.o.^Marketing Investment Group Slovakia Michalsk\u00e1 7, 811 03 Bratislava Trading 100%Slovakia s. r. o.^Marketing Investment Group SR doo Serbia Belgrade, Bulevar Mihajla Pupina 165G, Trading 100%Belgrade^Belgrade-New Belgrade, New Belgrade, 11000 BelgradeJMarshall Artist Holdings LimitedUK 97 Alderley Road, Wilmslow, England, Non-trading 25%SK9 1PTJMGS DUTY FREE Partnership^Israel HaMelacha 8 Holon, 5881504 Trading 29%MIG Marketing Investment Group Austria Mahlerstra\u00dfe 13/1B, 1010 Vienna Trading 100%Austria GmbH^MIG Marketing Investment Group Germany Dr. Hans-Lebach-Str. 2, 15537 Erkner Trading 100%GmbH^MIG Marketing Investment Group RO Romania Calea Floreasca 169, Corp P1, Etaj 3, Trading 100%SRL^Camera 10, Bucuresti 077190MIG Wholesale sp\u00f3\u0142ka z o.o.^ Poland ul. Prof. Micha\u0142a \u017byczkowskiego 10, Trading 100%31-864Millets Limited UK Hollinsbrook Way, Pilsworth, Bury, Non-trading 100%Lancashire, BL9 8RRmyBox Spolka z.o.o^ Poland Logistyczna 9, 26-060 Ch\u0119ciny Trading 100%Naked Copenhagen ApS^ Denmark 14 Plads Bryggernes, 1799 Trading 70%Naked Copenhagen France SAS^ France 91 avenue Ledru Rollin, 75011 Trading 70%NiceKicks Holdings LLC^ US 755 Jarvis Drive, Morgan Hill, CA 95037 Trading 80%NQ Retail Limited UK Hollinsbrook Way, Pilsworth, Bury, Non-trading 100%Lancashire, BL9 8RROnepointfive Ventures Limited^ Canada 1200 Waterfront Centre, 200 Burrard Trading 64%Street, Vancouver BC V6C 3L6PCPONE Unlimited^ ROI Fitzwilliam 28, Fitzwilliam Street Lower, Non-trading 100%Dublin 2, D02\ue655KF20 IrelandPear Sports LLC^ US 3308 N. Mitthoeffer Rd. Indianapolis, IN Trading 2%46235Peter Werth Limited^ UK 41 Commercial Street, Leith, Edinburgh, Non-trading 100%EH6 6JDPink Soda Limited UK Hollinsbrook Way, Pilsworth, Bury, Non-trading 100%Lancashire, BL9 8RRPremium Fashion Limited UK Hollinsbrook Way, Pilsworth, Bury, Non-trading 100%Lancashire, BL9 8RROwnership andPlace of voting rights Name of subsidiaryregistration Registered address Nature of businessinterestSDSR - Sports Division SR, S.A^ Portugal Rua Joao Mendo\u00e7a, n\u00ba 505, Matosinhos Trading 100%Freguesia, S\u00e3o Mamede de Infesta e Senhora da Hora,\ue655 4464 503 MatosinhosShoe Palace Corporation^ US 755 Jarvis Drive, Morgan Hill, CA 95037 Trading 80%SIA Marketing Investment Group Latvia R\u012bga, Lienes iela 1 - 3, LV-1009 Trading 100%Latvia^Size? Limited UK Hollinsbrook Way, Pilsworth, Bury, Trading 100%Lancashire, BL9 8RRSonneti Fashions Limited^ UK Hollinsbrook Way, Pilsworth, Bury, Non-trading 100%Lancashire, BL9 8RRSpike's Holding LLC^ US 3308 N. Mitthoeffer Rd. Indianapolis, IN Non-trading 80%46235Spodis SA^ France Wood Park - Parc d'Affaires du Ch\u00e2teau Trading 100%Rouge - 274 bis avenue de la Marne - 59700 Marcq-en-BaroeulSport Zone Canarias (SLU)^ Spain Avenida el Paso, 10, 1\u00ba, Edificio Trading 100%Multiusos, Pol\u00edgono Industrial Los Majuelos, La Laguna 38201, Santa Cruz de TenerifeSportiberica - Sociedade de Arigos Portugal Avenida das Ind\u00fastrias, n.\u00ba 63, Agualva Trading 100%de Desporto S.A.^do Cac\u00e9m, SintraSports Unlimited Retail B.V.^* Netherlands Oosteinderweg 247 B 1432 AT Non-trading 100%AalsmeerSprinter Megacentros Del Deporte Spain Pol\u00edgono Industrial de las Atalayas, Trading 100%SL^Avenida Euro, N2, Alicante 03114Sprinter Pirineos SLU^ Andorra Avenida del Trav\u00e9s, 31. Edifici Santa Trading 100%Catarina, Baixos. AD 400 La MassanaThe Alpine Group Limited^ UK 41 Commercial Street, Leith, Edinburgh, Non-trading 100%EH6 6JDThe Finish Line Distribution, Inc^ US 3308 N. Mitthoeffer Rd. Indianapolis, IN Trading 80%46235The Finish Line Puerto Rico, Inc^ US 3308 N. Mitthoeffer Rd. Indianapolis, IN Trading 80%46235The Finish Line USA, Inc^ US 3308 N. Mitthoeffer Rd. Indianapolis, IN Trading 80%46235The Finish Line, Inc^ US 3308 N. Mitthoeffer Rd. Indianapolis, IN Non-trading 80%46235The John David Group Limited UK Hollinsbrook Way, Pilsworth, Bury, Non-trading 100%Lancashire, BL9 8RRTiso Group Limited^ UK 41 Commercial Street, Leith, Edinburgh, Non-trading 100%EH6 6JDUAB Marketing Investment Group Lithuania Gvazdik\u0173 g. 170, LT-10247 Vilnius Trading 100%Lietuva^Ultimate Outdoors Limited^ UK Hollinsbrook Way, Pilsworth, Bury, Non-trading 100%Lancashire, BL9 8RRVarsity Kit Limited^ UK Hollinsbrook Way, Pilsworth, Bury, Non-trading 100%Lancashire, BL9 8RRWellgosh Limited UK Hollinsbrook Way, Pilsworth, Bury, Non-trading 100%Lancashire, BL9 8RRWheelbase Lakeland Limited UK Hollinsbrook Way, Pilsworth, Bury, Trading 78%Lancashire, BL9 8RRX4L Gyms Limited^ UK Hollinsbrook Way, Pilsworth, Bury, Non-trading 98%Lancashire, BL9 8RRXLR8 Sports Limited^ UK Hollinsbrook Way, Pilsworth, Bury, Trading 100%Lancashire, BL9 8RR^ Indirect holding of the Company.* The following entity is owned by Iberian Sports Retail SLU, and on 6 December 2023, was declared in a state of bankruptcy and per the bankruptcy document, control over the trading assets was transferred to the curatorA Associated undertaking.J Joint venture.Hollinsbrook WayPilsworthBuryLancashire BL9 8RR",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory",
"language": "en",
"entity": "scheme:213800HROV6Y9MUU8375",
"period": "2024-02-03T00:00:00/2025-02-02T00:00:00"
}
},
"f1__s9__6__8": {
"value": "1. Basis of PreparationGeneral InformationJD Sports Fashion Plc (the \u2018Company\u2019) is a company incorporated in the United Kingdom and registered in England and Wales. The financial statements for the 52 week period ended 1\ue655February 2025 represent those of the Company and its subsidiaries (together referred to as the \u2018Group\u2019), with the prior period comparatives being\ue655a 53 week period ended 3 February 2024. The financial statements were authorised for issue by the Board of\ue655Directors on\ue65520\ue655May 2025.Basis of PreparationThese Group financial statements have been prepared in accordance with UK-adopted International Accounting Standards.The financial statements are presented in Pounds Sterling, rounded to the nearest million in the current period. The Group has changed the presentation of numerical disclosures from one\ue655decimal place to whole numbers to enhance clarity and consistency across financial reporting. Prior period comparatives have been restated accordingly.The financial statements have\ue655been prepared on a going concern basis, under the historical cost convention, except for the revaluation of certain financial\ue655instruments.The accounting policies set out below have, unless otherwise stated, been applied consistently to all periods presented in\ue655these\ue655financial statements and have been applied consistently by all Group entities. The Group\u2019s business activities, together with the factors likely to affect its future development, performance and position are\ue655set out in the Strategic Report on pages 2 to 87. In addition, details of\ue655financial instruments and exposures to interest rate, foreign currency, credit and liquidity risks are outlined in Note\ue65524. Going ConcernThe Directors have prepared the Group and the Company financial statements on a going concern basis for the following reasons:At 1\ue655February 2025 the Group had a total cash and cash equivalents balance of \u00a3695 million (3\ue655February 2024: \u00a31,102 million) (see Note 34). The Group has committed UK borrowing facilities of \u00a3700 million (3\ue655February 2024: \u00a3700 million) that are available up to 6\ue655November 2026 (see Note 23), of\ue655which \u00a336 million (3\ue655February 2024: \u00a3Nil) has been drawn down in the period. The Group has US\ue655facilities, excluding the new term loan to\ue655acquire Hibbett, of which approximately $300 million is available up until 24\ue655September 2026. Of this $300 million, $15 million (3\ue655February 2024: $13 million) was drawn down in the period. On 23 April 2024, the Group entered into a new Term Loan Facility Agreement for a total commitment of $1 billion for the purpose of acquiring Hibbett Inc. On 25 July 2024 the commitment was drawn in full to facilitate the completion of the acquisition. Post acquisition repayments have been made on the Term Loan and as at 1 February 2025 the balance remaining is $700 million.The Term of the facility is 27 months to July 2026 after allowing for extension options in sole discretion of the Group.The total liquidity from cash and available facilities is therefore c.\u00a31.8 billion at 1 February 2025 (3 February 2024: c.\u00a32.0 billion).There has been no material change in the extent of cash and facilities available since the period end.The Group is currently in the process of refinancing its existing debt facilities of the \u00a3700m RCF, $300m Asset Backed Loan and\ue655$700 Hibbett term loan. Based on ongoing discussions with lenders and market conditions, the Group expects to complete the\ue655refinancing during H1 FY26.These facilities are subject to certain covenants, please refer to\ue655Note 23. The Directors believe that the Group is well placed to\ue655manage its business risks successfully despite the current uncertain economic outlook. The Directors have prepared cash flow forecasts for the Group covering a period of at least 12 months from the date of approval of the Group and Company financial statements, including a range of severe but plausible downside scenarios. These forecasts indicate that the Group and Company will be able to operate within the level of its agreed facilities and in compliance with applicable covenants. The Directors have prepared severe but plausible downside scenarios which cover the same period as the base case. An increase of US cost of goods arising from geopolitical uncertainty has been considered, in addition to a range of reasonably plausible downside scenarios, for the purposes of viability reporting. This has considered the specifics of a significant business continuity event adversely impacting one of the Group\u2019s main Distribution Centres (Kingsway) across the Q4 FY26 peak trading period; a significant cyber-attack resulting in a significant proportion of the Group\u2019s stores being unable to trade for a period of one month, impacting the peak trading period of December 2025; and a severe but plausible reduction in the allocation of stock, or business interruption impacting the availability of stock, from one of our key Sports Fashion suppliers.The forecast cash flows reflecting the above scenarios indicate that there remains sufficient headroom for the Group to operate within the committed facilities and to comply with all relevant banking covenants during the forecast period (further details of which are contained in Note 23). Furthermore, mitigating actions within the Group\u2019s control could be taken, should these severe but plausible scenarios occur, including reductions in capital expenditure, discretionary spend and dividends. These mitigating actions have not been modelled.A reverse stress test has also been performed on the base forecasts which indicates that a combination of the above severe but plausible scenarios all occurring at the same time would be required for the Group to breach a covenant before consideration of mitigating actions. A combination of all the factors above would not exhaust liquidity. This is not considered to be a plausible scenario, as the combination of all scenarios simultaneously is considered to be exceptionally remote.The Directors have considered all of the factors noted above and are confident that the Group has adequate resources to continue to meet all liabilities as and when they fall due for a period of at\ue655least 12 months from the date of approval of these financial statements. Accordingly, the financial statements have been prepared on a going concern basis.Basis of ConsolidationI. Consolidation The Consolidated Financial Statements comprise the financial statements of the Company and its subsidiaries as at 1\ue655February 2025. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over\ue655the investee. Specifically, the Group controls an investee if, and only if, the Group has:\u2013 Power of the investee (i.e. existing rights that give it the current ability to direct the relevant activities of the investee).\u2013 Exposure, or rights, to variable returns from its involvement with\ue655the investee.\u2013 The ability to use its power over the investee to affect its returns.Generally, there is a presumption that a majority of voting rights results in control. To support this presumption and when the Group has less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessing whether it has power over an investee, including:\u2013 The contractual arrangement(s) with the other vote holders of\ue655the investee.\u2013 Rights arising from other contractual arrangements.\u2013 The Group\u2019s voting rights and potential voting rights.The Group re-assesses whether or not it controls an investee if\ue655facts and circumstances indicate that there are changes to one\ue655or more of the three elements of control. Consolidation of a\ue655subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. Assets, liabilities, income and expenses of a subsidiary acquired or disposed of during the period are included in the Consolidated Financial Statements from the date the Group gains control until the date the Group ceases to control the subsidiary.Profit or loss and each component of other comprehensive income (\u2018OCI\u2019) are attributed to the equity holders of the parent of\ue655the\ue655Group and to the non-controlling interests, even if this results in the non-controlling interests having a deficit balance. When\ue655necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies in line\ue655with\ue655the\ue655Group\u2019s accounting policies. All intra-group assets and liabilities, equity, income, expenses and cash flows relating to\ue655transactions between members of the Group are eliminated in\ue655full on consolidation.A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction.If the Group loses control over a subsidiary, it derecognises the related assets (including goodwill), liabilities, non-controlling interest and other components of equity, while any resultant gain\ue655or loss is recognised in the Consolidated Income Statement. Any\ue655investment retained is recognised at fair value.II. Associates and Joint VenturesThe Group\u2019s interests in equity accounted investees comprise interests in associates and joint ventures. Associates are those entities in which the Group has significant influence, but not control or joint control, over the financial and operating policies. A\ue655joint venture is an arrangement in which the Group has joint control over the financial and operating policies.Interests in associates and joint ventures are accounted for using\ue655the equity method and are initially recognised at cost and subsequently a provision for impairment is recognised where appropriate. Subsequent to initial recognition, the Consolidated Financial Statements include the Group\u2019s share of the profit or loss and other comprehensive income of equity accounted investees, until the date on which significant influence or joint control ceases. III. Transactions Eliminated on ConsolidationIntra-group balances, and any unrealised income and expenses arising from intra-group transactions, are eliminated in preparing the Consolidated Financial Statements.IV. Employee Benefit TrustAn Employee Benefit Trust is operated by the Group and Company and is considered to be a special purpose entity in which the substance of the relationship is that of control by the\ue655Group in order that the Group may benefit from its control. The assets held by the trust are consolidated into the Group.Changes in Ownership Interest Without a Loss of ControlIn accordance with IFRS 10 \u2018Consolidated Financial Statements\u2019, upon a change in ownership interest in a subsidiary without a\ue655loss of control, the carrying amounts of the controlling and non-controlling interests are adjusted to reflect the changes in\ue655their relative interests in the subsidiary. Any difference between the amount by which the non-controlling interests are adjusted and the fair value of the consideration paid or received is recognised directly in equity and attributed to the owners of\ue655the parent. Acquisitions or disposals of non-controlling interests are therefore\ue655accounted for as transactions with owners in\ue655their capacity as owners and no goodwill is recognised as a result of\ue655such transactions. Alternative Performance MeasuresThe Directors measure the performance of the Group based on a range of financial measures, including measures not recognised by UK-adopted International Financial Reporting Standards. These Alternative Performance Measures may not be\ue655directly comparable with other companies\u2019 Alternative Performance Measures and the Directors do not intend these to be\ue655a\ue655substitute for, or superior to, IFRS measures. The Directors believe that these Alternative Performance Measures assist in\ue655providing additional useful information on the trading performance of the Group. Alternative Performance Measures are used to enhance the comparability of information between reporting periods, by\ue655accounting for adjusting items. Adjusting items are disclosed separately when they are considered unusual in nature and not\ue655reflective of the trading performance and profitability of the\ue655Group. The separate reporting of adjusting items, which are\ue655presented as adjusting within the relevant category in the Consolidated Income Statement, helps provide an indication of\ue655the\ue655Group\u2019s trading performance. An explanation as to why items have been classified as adjusting is given in Note 4. Further\ue655information can be found in the Alternative Performance Measures section on pages 246 to 252.For the financial period ended 1\ue655February 2025, the Group has updated the adjusting items policy to include the amortisation of\ue655acquired intangible assets. This update is intended to provide greater clarity over the underlying trading performance of the Group. The updated policy is in line with the majority of large, UK\ue655listed retail companies and therefore assists with comparability. See Note 4 for further detail.Adoption of New and Revised StandardsThe following new standards and amendments became effective for the period ended 1\ue655February 2025. These have no significant impact on the consolidated results or financial position.\u2013 Amendments to IAS 1 \u2013 Classification of Liabilities as Current or Non-Current;\u2013 Amendments to IFRS 10 \u2013 Lease Liability in a Sale and Leaseback;\u2013 Amendments to IAS 1 \u2013 Non-Current Liabilities with Covenants;\u2013 Amendments to IAS 7 and IFRS 7 \u2013 Supplier Finance Arrangements; and,\u2013 Amendments to IFRS 16 - Leases - Lease Liability in a Sale and\ue655Leaseback.At the date of authorisation of these consolidated Financial Statements, the Group has not applied the following new and revised standards and amendments that have been issued but are not yet effective: \u2013 Amendments to IAS 21 \u2013 Lack of Exchangeability (effective from 1 January 2025); \u2013 Amendments to IFRS 9 and IFRS 7 - Classification and Measurement of Financial Instruments (effective from 1\ue655January\ue6552026); \u2013 Amendments to IFRS 9 and IFRS 7 - Contracts Referencing Nature-dependent Electricity (effective from 1 January 2026); \u2013 IFRS 19 Subsidiaries without Public Accountability (effective from 1 January 2027); and, \u2013 IFRS 18 Presentation and Disclosures in Financial statements (effective from 1 January 2027). IFRS 18 will replace IAS 1 \u2018Presentation of Financial Statements\u2019 and become effective on 1 January 2027. IFRS 18 will introduce five new requirements on presentation and disclosure in the financial statements, with a focus on the income statement and\ue655reporting of financial performance. Income and expenses in\ue655the income statement will be classified into five categories \u2013 operating, investing, financing, income taxes and discontinued operations. Two new subtotals will be presented: \u2018Operating profit or loss\u2019 and \u2018Profit or loss before financing and income tax\u2019. IFRS 18 will also require disclosures about management-defined performance measures in the financial statements and disclosure of information based on enhanced general requirements on aggregation and disaggregation. The Group is currently assessing the impact of IFRS 18. The\ue655group\u2019s assessment remains ongoing and further changes upon the implementation of IFRS 18 may be required. The Group continues to monitor the potential impact of other new standards and interpretations which may be endorsed and require adoption by the Group in future reporting periods. Accounting PoliciesRevenue RecognitionRevenue is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods and services provided in the normal course of business, net\ue655of price discounts and sales-related taxes.I. Goods Sold Through Retail Stores and Trading WebsitesIn the case of goods sold through retail stores and trading websites, revenue is recognised when goods are sold, meaning the\ue655performance obligation of the transaction has been satisfied, less provision for returns, and discounts applied. A separate right of return asset is recognised. Accumulated experience is used to estimate and provide for such returns at the time of the sale. The\ue655refund liability due to customers on return of their goods is\ue655recognised in a separate refund liability category. Retail sales are typically paid by cash, debit card or credit card. For online sales, performance obligations are deemed to be satisfied when the goods are delivered to the customer.For online click and collect orders, where the customer pays online but collects in store, performance obligations are deemed to be satisfied when the goods are collected by the customer.For reserve and collect orders, where the customer reserves online but pays at the point of collection from the store, performance obligations are deemed to be satisfied when the goods are collected by the customer.JD StatusJD Cash issued by the Group when a JD Status customer purchases goods is a separate performance obligation providing a\ue655material right to a future discount. The total sales price of goods is allocated to JD Cash and goods sold based on their relative standalone selling prices. The amount allocated to JD Cash is provided for as a contract liability in trade and other payables. This deferred income is then recognised when JD Cash is used by\ue655the JD Status member.II. Wholesale RevenueWholesale revenue is recognised when goods are dispatched, meaning that the performance obligations have been met and control over a product has passed to the\ue655customer. In some instances, goods are sold with a right of return. Where wholesale goods are sold with a right of return,\ue655a\ue655provision is made to estimate the expected level of returns based on accumulated experience and historical rates. The refund liability due to customers on return\ue655of their goods is recognised in a separate refund liability category. Wholesale sales are either settled by cash\ue655received in\ue655advance\ue655of\ue655the goods being dispatched or made on agreed credit terms.III. Subscription and Joining Fee RevenueRevenue from the sale of fitness and leisure club memberships is recognised in the period the membership relates to. This revenue is recognised over time, on a straight-line basis over the expected duration of the membership. For new club openings, memberships are sold and joining fees are collected in the period before the new club is opened. Membership income received in\ue655advance of the club opening is deferred until the club is\ue655open and then recognised on an accruals basis over the related membership period. IV. Gift CardsThe initial sale of a gift card is treated as an exchange of tender, with the revenue recognised when the cards are redeemed by\ue655the\ue655customer. Revenue from gift card breakage is recognised when the likelihood of the customer utilising the gift card becomes remote. The liability relating to gift cards not yet redeemed is included within other payables and accrued expenses.Selling and Distribution Expenses Selling and distribution expenses are classified based on their function within the Group. Selling and distribution expenses include all costs associated with the marketing and distribution of\ue655the Group\u2019s goods and services. These expenses include advertising and promotional activities, costs relating to stores and warehouses (e.g. staff costs, rents and rates, bank and credit card charges, store security), depreciation and amortisation of assets used in commercial operations, online channel costs, and logistics and distribution-related costs.Administrative Expenses Administrative expenses comprise overhead costs that are not\ue655directly attributable to specific sales, stores or distribution operations. These primarily relate to support functions at Head Office and within the Group\u2019s operating businesses, including finance, human resources, procurement, property, legal, and IT. Depreciation and amortisation of assets used by support functions are included here.In addition, certain non-recurring or judgement-based charges, such as impairments of operational assets, are presented within administrative expenses where they reflect strategic decisions or\ue655significant changes in expected asset utility. While such assets may support commercial functions (e.g. distribution centres), the\ue655classification of impairment within administrative expenses ensures clarity and consistency in distinguishing between underlying operational costs and adjusting items.InventoriesInventories are stated at the lower of cost and net realisable value. Cost is based on the weighted average principle. An element of\ue655supplier rebates is deferred into inventory and released on a\ue655straight-line basis as the related inventory is sold.The Group makes provisions for obsolescence, mark downs and shrinkage based on historical experience, the quality of the\ue655current season buy, market trends and management estimates of future events. The provision requires estimates for shrinkage, the expected future selling price of items and identification of aged\ue655and obsolete items. Share-Based PaymentsThe Executive Directors and senior management receive an element of remuneration in the\ue655form of share-based payments. Share-based payments are measured at fair value at the grant date which is determined by the share price on the day preceding the grant date. The cost of share-based payments is recognised as\ue655an expense, together with a corresponding increase in equity, on a straight-line basis over the vesting period of the awards. The\ue655amount recognised as an expense is adjusted to reflect the number of awards for which the\ue655related service and non-market performance conditions are expected to be met, such that the amount ultimately recognised is based on the number of awards that meet the related service and non-market performance conditions at the vesting date. Further information is available in\ue655the Directors\u2019 Remuneration Report on page 114 and in Note 5.An Employee Benefit Trust (\u2018EBT\u2019) has been established to facilitate the acquisition of ordinary shares to fund share awards made to employees. The assets and liabilities of the EBT have been included in the Group and Company accounts. The assets of\ue655the EBT are held separately from those of the Company. The Group Consolidated Statement of Comprehensive Income does not recognise gains or losses on purchases or sales of own shares. The cost of shares acquired by the EBT is recognised within equity. The Trustee of the EBT has agreed to waive its rights to any and all dividends paid.Assets Held-for-Sale and DisposalsNon-current assets, or disposal groups comprising assets and liabilities, are classified as held-for-sale if all of the following criteria is met in line with IFRS 5.\u2013 The carrying amount is expected to be recovered through the sale transaction\u2013 It is available for sale in its present condition\u2013 The Group had committed to sell and this sale plan had been initiated\u2013 It is being actively marketed at a price that is reasonable in relation to its fair value\u2013 There is an expectation that the sale process would be completed within 12 months of the classification as held-for-sale.Such assets, or disposal groups, are measured at the lower of their carrying amount and fair value less costs to sell. Any impairment loss on a disposal group is allocated first to goodwill, and then to the remaining assets and liabilities on a pro-rata basis, except that no loss is allocated to inventories, financial assets, deferred tax assets or investment property, which continue to be measured in\ue655accordance with the Group\u2019s other accounting policies. Impairment losses on initial classification as held-for-sale and subsequent gains and losses on remeasurement are recognised in the Consolidated Income Statement. Once classified as held-for-sale, intangible assets and property, plant and equipment are no longer amortised or depreciated. On disposal, the balances are derecognised and the profit or loss on disposal is recognised in the Consolidated Income Statement as an adjusting\ue655item.Supplier RebatesSupplier rebates include promotion cost contributions and marketing initiative support and are recognised in the Consolidated Financial Statements when they are contractually agreed with the supplier and can be reliably measured. Such rebates typically relate to the launch of such initiatives and therefore rebate income is typically recognised as a reduction to\ue655cost of sales across the period in which launch costs are recognised. Contributions towards store fixtures are recognised as a credit within the Consolidated Income Statement within the period in which they are received. Other rebates are agreed with suppliers retrospectively once specific targets have been achieved and recognised after the end of the relevant supplier\u2019s financial year.Climate ChangeIn preparing the Consolidated Financial Statements, the Group has considered the potential impact of climate change, particularly in the context of the climate-related risks identified in the Task Force on Climate-related Financial Disclosures (TCFD) section as set out on page 57, on its financial performance and position. There has been no material impact identified on the financial reporting judgements and estimates. In particular, the Group considered the impact of climate change in respect of forecast cash flows for the purposes of impairment assessments of non-current assets, and the useful lives of certain assets. Whilst there is\ue655currently little short to medium-term impact expected from climate change, the Directors are aware of the changing nature of\ue655risks associated with climate change and will regularly assess these risks against judgements and estimates made in preparation of the Group\u2019s financial statements.Critical Accounting Judgements and Key Sources of Estimation UncertaintyThe preparation of financial statements in conformity with adopted IFRSs requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. The\ue655estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of\ue655which form the basis of making the judgements and estimates about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these\ue655estimates. Critical Accounting JudgementsThe following are critical judgements, apart from those involving estimations (which are presented separately below), that management have made in the process of applying the Group\u2019s accounting policies and that have the most effect on the amounts recognised in the Consolidated Group Financial Statements.Adjusting ItemsManagement exercises significant judgement in assessing whether items should be classified as adjusting items. This assessment covers the nature of the item, cause of occurrence and/or scale of impact of that item on the reported performance. In determining whether an item should be presented as adjusting, the Group considers items which are significant because of either their size\ue655or their nature which management believe would distort an\ue655understanding of earnings if not separately presented. An explanation as to why items have been classified as adjusting is\ue655given in Note 4. Further information about metrics that the Group utilise which exclude adjusting items can be found in the Alternative Performance Measures section on pages 246 to 252.Key Sources of Estimation UncertaintyThe key assumptions about the future, and other key sources of estimation uncertainty at the reporting period end, that may have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial period are discussed below:Genesis Put and Call OptionGenesis Put and Call Option agreements that allow the Group\u2019s equity partners to require the Group to purchase a non-controlling interest are recorded\ue655in the consolidated balance sheet initially at the present value of the redemption amount, in accordance with IAS 32 Financial Instruments: Presentation. On initial recognition, the corresponding amount is recognised against the put and call option reserve. Changes in the measurement of the financial liability due to the unwinding of the discount or changes in the amount that the Group could be\ue655required to pay are recognised in\ue655the Consolidated Income Statement. If the contract expires without delivery, the carrying amount of the financial liability is\ue655reclassified to equity, otherwise the financial liability is derecognised for the amount settled.The key significant option outstanding as at 1\ue655February 2025 relates to the Group\u2019s US sub-group, Genesis. The Genesis put liability at 1\ue655February 2025 was \u00a3831 million (2024: \u00a3763 million).The Group uses a\ue655third-party valuation expert to independently determine the present value of the exercise price of the Genesis put and call options. The approach uses a Monte-Carlo simulation model applying a geometric Brownian motion to project the share\ue655price and an arithmetic Brownian motion for the projection of EBITDA forecasts. See Note 25b for the full accounting policy. The critical estimate used to value the put and call option liability is the EBITDA forecasts and growth assumptions for future periods. Further information about the sensitivities used can be found in Note 25b.",
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"value": "1. Basis of PreparationGeneral InformationJD Sports Fashion Plc (the \u2018Company\u2019) is a company incorporated in the United Kingdom and registered in England and Wales. The financial statements for the 52 week period ended 1\ue655February 2025 represent those of the Company and its subsidiaries (together referred to as the \u2018Group\u2019), with the prior period comparatives being\ue655a 53 week period ended 3 February 2024. The financial statements were authorised for issue by the Board of\ue655Directors on\ue65520\ue655May 2025.Basis of PreparationThese Group financial statements have been prepared in accordance with UK-adopted International Accounting Standards.The financial statements are presented in Pounds Sterling, rounded to the nearest million in the current period. The Group has changed the presentation of numerical disclosures from one\ue655decimal place to whole numbers to enhance clarity and consistency across financial reporting. Prior period comparatives have been restated accordingly.The financial statements have\ue655been prepared on a going concern basis, under the historical cost convention, except for the revaluation of certain financial\ue655instruments.The accounting policies set out below have, unless otherwise stated, been applied consistently to all periods presented in\ue655these\ue655financial statements and have been applied consistently by all Group entities. The Group\u2019s business activities, together with the factors likely to affect its future development, performance and position are\ue655set out in the Strategic Report on pages 2 to 87. In addition, details of\ue655financial instruments and exposures to interest rate, foreign currency, credit and liquidity risks are outlined in Note\ue65524. Going ConcernThe Directors have prepared the Group and the Company financial statements on a going concern basis for the following reasons:At 1\ue655February 2025 the Group had a total cash and cash equivalents balance of \u00a3695 million (3\ue655February 2024: \u00a31,102 million) (see Note 34). The Group has committed UK borrowing facilities of \u00a3700 million (3\ue655February 2024: \u00a3700 million) that are available up to 6\ue655November 2026 (see Note 23), of\ue655which \u00a336 million (3\ue655February 2024: \u00a3Nil) has been drawn down in the period. The Group has US\ue655facilities, excluding the new term loan to\ue655acquire Hibbett, of which approximately $300 million is available up until 24\ue655September 2026. Of this $300 million, $15 million (3\ue655February 2024: $13 million) was drawn down in the period. On 23 April 2024, the Group entered into a new Term Loan Facility Agreement for a total commitment of $1 billion for the purpose of acquiring Hibbett Inc. On 25 July 2024 the commitment was drawn in full to facilitate the completion of the acquisition. Post acquisition repayments have been made on the Term Loan and as at 1 February 2025 the balance remaining is $700 million.The Term of the facility is 27 months to July 2026 after allowing for extension options in sole discretion of the Group.The total liquidity from cash and available facilities is therefore c.\u00a31.8 billion at 1 February 2025 (3 February 2024: c.\u00a32.0 billion).There has been no material change in the extent of cash and facilities available since the period end.The Group is currently in the process of refinancing its existing debt facilities of the \u00a3700m RCF, $300m Asset Backed Loan and\ue655$700 Hibbett term loan. Based on ongoing discussions with lenders and market conditions, the Group expects to complete the\ue655refinancing during H1 FY26.These facilities are subject to certain covenants, please refer to\ue655Note 23. The Directors believe that the Group is well placed to\ue655manage its business risks successfully despite the current uncertain economic outlook. The Directors have prepared cash flow forecasts for the Group covering a period of at least 12 months from the date of approval of the Group and Company financial statements, including a range of severe but plausible downside scenarios. These forecasts indicate that the Group and Company will be able to operate within the level of its agreed facilities and in compliance with applicable covenants. The Directors have prepared severe but plausible downside scenarios which cover the same period as the base case. An increase of US cost of goods arising from geopolitical uncertainty has been considered, in addition to a range of reasonably plausible downside scenarios, for the purposes of viability reporting. This has considered the specifics of a significant business continuity event adversely impacting one of the Group\u2019s main Distribution Centres (Kingsway) across the Q4 FY26 peak trading period; a significant cyber-attack resulting in a significant proportion of the Group\u2019s stores being unable to trade for a period of one month, impacting the peak trading period of December 2025; and a severe but plausible reduction in the allocation of stock, or business interruption impacting the availability of stock, from one of our key Sports Fashion suppliers.The forecast cash flows reflecting the above scenarios indicate that there remains sufficient headroom for the Group to operate within the committed facilities and to comply with all relevant banking covenants during the forecast period (further details of which are contained in Note 23). Furthermore, mitigating actions within the Group\u2019s control could be taken, should these severe but plausible scenarios occur, including reductions in capital expenditure, discretionary spend and dividends. These mitigating actions have not been modelled.A reverse stress test has also been performed on the base forecasts which indicates that a combination of the above severe but plausible scenarios all occurring at the same time would be required for the Group to breach a covenant before consideration of mitigating actions. A combination of all the factors above would not exhaust liquidity. This is not considered to be a plausible scenario, as the combination of all scenarios simultaneously is considered to be exceptionally remote.The Directors have considered all of the factors noted above and are confident that the Group has adequate resources to continue to meet all liabilities as and when they fall due for a period of at\ue655least 12 months from the date of approval of these financial statements. Accordingly, the financial statements have been prepared on a going concern basis.Basis of ConsolidationI. Consolidation The Consolidated Financial Statements comprise the financial statements of the Company and its subsidiaries as at 1\ue655February 2025. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over\ue655the investee. Specifically, the Group controls an investee if, and only if, the Group has:\u2013 Power of the investee (i.e. existing rights that give it the current ability to direct the relevant activities of the investee).\u2013 Exposure, or rights, to variable returns from its involvement with\ue655the investee.\u2013 The ability to use its power over the investee to affect its returns.Generally, there is a presumption that a majority of voting rights results in control. To support this presumption and when the Group has less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessing whether it has power over an investee, including:\u2013 The contractual arrangement(s) with the other vote holders of\ue655the investee.\u2013 Rights arising from other contractual arrangements.\u2013 The Group\u2019s voting rights and potential voting rights.The Group re-assesses whether or not it controls an investee if\ue655facts and circumstances indicate that there are changes to one\ue655or more of the three elements of control. Consolidation of a\ue655subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. Assets, liabilities, income and expenses of a subsidiary acquired or disposed of during the period are included in the Consolidated Financial Statements from the date the Group gains control until the date the Group ceases to control the subsidiary.Profit or loss and each component of other comprehensive income (\u2018OCI\u2019) are attributed to the equity holders of the parent of\ue655the\ue655Group and to the non-controlling interests, even if this results in the non-controlling interests having a deficit balance. When\ue655necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies in line\ue655with\ue655the\ue655Group\u2019s accounting policies. All intra-group assets and liabilities, equity, income, expenses and cash flows relating to\ue655transactions between members of the Group are eliminated in\ue655full on consolidation.A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction.If the Group loses control over a subsidiary, it derecognises the related assets (including goodwill), liabilities, non-controlling interest and other components of equity, while any resultant gain\ue655or loss is recognised in the Consolidated Income Statement. Any\ue655investment retained is recognised at fair value.II. Associates and Joint VenturesThe Group\u2019s interests in equity accounted investees comprise interests in associates and joint ventures. Associates are those entities in which the Group has significant influence, but not control or joint control, over the financial and operating policies. A\ue655joint venture is an arrangement in which the Group has joint control over the financial and operating policies.Interests in associates and joint ventures are accounted for using\ue655the equity method and are initially recognised at cost and subsequently a provision for impairment is recognised where appropriate. Subsequent to initial recognition, the Consolidated Financial Statements include the Group\u2019s share of the profit or loss and other comprehensive income of equity accounted investees, until the date on which significant influence or joint control ceases. III. Transactions Eliminated on ConsolidationIntra-group balances, and any unrealised income and expenses arising from intra-group transactions, are eliminated in preparing the Consolidated Financial Statements.IV. Employee Benefit TrustAn Employee Benefit Trust is operated by the Group and Company and is considered to be a special purpose entity in which the substance of the relationship is that of control by the\ue655Group in order that the Group may benefit from its control. The assets held by the trust are consolidated into the Group.Changes in Ownership Interest Without a Loss of ControlIn accordance with IFRS 10 \u2018Consolidated Financial Statements\u2019, upon a change in ownership interest in a subsidiary without a\ue655loss of control, the carrying amounts of the controlling and non-controlling interests are adjusted to reflect the changes in\ue655their relative interests in the subsidiary. Any difference between the amount by which the non-controlling interests are adjusted and the fair value of the consideration paid or received is recognised directly in equity and attributed to the owners of\ue655the parent. Acquisitions or disposals of non-controlling interests are therefore\ue655accounted for as transactions with owners in\ue655their capacity as owners and no goodwill is recognised as a result of\ue655such transactions. Alternative Performance MeasuresThe Directors measure the performance of the Group based on a range of financial measures, including measures not recognised by UK-adopted International Financial Reporting Standards. These Alternative Performance Measures may not be\ue655directly comparable with other companies\u2019 Alternative Performance Measures and the Directors do not intend these to be\ue655a\ue655substitute for, or superior to, IFRS measures. The Directors believe that these Alternative Performance Measures assist in\ue655providing additional useful information on the trading performance of the Group. Alternative Performance Measures are used to enhance the comparability of information between reporting periods, by\ue655accounting for adjusting items. Adjusting items are disclosed separately when they are considered unusual in nature and not\ue655reflective of the trading performance and profitability of the\ue655Group. The separate reporting of adjusting items, which are\ue655presented as adjusting within the relevant category in the Consolidated Income Statement, helps provide an indication of\ue655the\ue655Group\u2019s trading performance. An explanation as to why items have been classified as adjusting is given in Note 4. Further\ue655information can be found in the Alternative Performance Measures section on pages 246 to 252.For the financial period ended 1\ue655February 2025, the Group has updated the adjusting items policy to include the amortisation of\ue655acquired intangible assets. This update is intended to provide greater clarity over the underlying trading performance of the Group. The updated policy is in line with the majority of large, UK\ue655listed retail companies and therefore assists with comparability. See Note 4 for further detail.Adoption of New and Revised StandardsThe following new standards and amendments became effective for the period ended 1\ue655February 2025. These have no significant impact on the consolidated results or financial position.\u2013 Amendments to IAS 1 \u2013 Classification of Liabilities as Current or Non-Current;\u2013 Amendments to IFRS 10 \u2013 Lease Liability in a Sale and Leaseback;\u2013 Amendments to IAS 1 \u2013 Non-Current Liabilities with Covenants;\u2013 Amendments to IAS 7 and IFRS 7 \u2013 Supplier Finance Arrangements; and,\u2013 Amendments to IFRS 16 - Leases - Lease Liability in a Sale and\ue655Leaseback.At the date of authorisation of these consolidated Financial Statements, the Group has not applied the following new and revised standards and amendments that have been issued but are not yet effective: \u2013 Amendments to IAS 21 \u2013 Lack of Exchangeability (effective from 1 January 2025); \u2013 Amendments to IFRS 9 and IFRS 7 - Classification and Measurement of Financial Instruments (effective from 1\ue655January\ue6552026); \u2013 Amendments to IFRS 9 and IFRS 7 - Contracts Referencing Nature-dependent Electricity (effective from 1 January 2026); \u2013 IFRS 19 Subsidiaries without Public Accountability (effective from 1 January 2027); and, \u2013 IFRS 18 Presentation and Disclosures in Financial statements (effective from 1 January 2027). IFRS 18 will replace IAS 1 \u2018Presentation of Financial Statements\u2019 and become effective on 1 January 2027. IFRS 18 will introduce five new requirements on presentation and disclosure in the financial statements, with a focus on the income statement and\ue655reporting of financial performance. Income and expenses in\ue655the income statement will be classified into five categories \u2013 operating, investing, financing, income taxes and discontinued operations. Two new subtotals will be presented: \u2018Operating profit or loss\u2019 and \u2018Profit or loss before financing and income tax\u2019. IFRS 18 will also require disclosures about management-defined performance measures in the financial statements and disclosure of information based on enhanced general requirements on aggregation and disaggregation. The Group is currently assessing the impact of IFRS 18. The\ue655group\u2019s assessment remains ongoing and further changes upon the implementation of IFRS 18 may be required. The Group continues to monitor the potential impact of other new standards and interpretations which may be endorsed and require adoption by the Group in future reporting periods. Accounting PoliciesRevenue RecognitionRevenue is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods and services provided in the normal course of business, net\ue655of price discounts and sales-related taxes.I. Goods Sold Through Retail Stores and Trading WebsitesIn the case of goods sold through retail stores and trading websites, revenue is recognised when goods are sold, meaning the\ue655performance obligation of the transaction has been satisfied, less provision for returns, and discounts applied. A separate right of return asset is recognised. Accumulated experience is used to estimate and provide for such returns at the time of the sale. The\ue655refund liability due to customers on return of their goods is\ue655recognised in a separate refund liability category. Retail sales are typically paid by cash, debit card or credit card. For online sales, performance obligations are deemed to be satisfied when the goods are delivered to the customer.For online click and collect orders, where the customer pays online but collects in store, performance obligations are deemed to be satisfied when the goods are collected by the customer.For reserve and collect orders, where the customer reserves online but pays at the point of collection from the store, performance obligations are deemed to be satisfied when the goods are collected by the customer.JD StatusJD Cash issued by the Group when a JD Status customer purchases goods is a separate performance obligation providing a\ue655material right to a future discount. The total sales price of goods is allocated to JD Cash and goods sold based on their relative standalone selling prices. The amount allocated to JD Cash is provided for as a contract liability in trade and other payables. This deferred income is then recognised when JD Cash is used by\ue655the JD Status member.II. Wholesale RevenueWholesale revenue is recognised when goods are dispatched, meaning that the performance obligations have been met and control over a product has passed to the\ue655customer. In some instances, goods are sold with a right of return. Where wholesale goods are sold with a right of return,\ue655a\ue655provision is made to estimate the expected level of returns based on accumulated experience and historical rates. The refund liability due to customers on return\ue655of their goods is recognised in a separate refund liability category. Wholesale sales are either settled by cash\ue655received in\ue655advance\ue655of\ue655the goods being dispatched or made on agreed credit terms.III. Subscription and Joining Fee RevenueRevenue from the sale of fitness and leisure club memberships is recognised in the period the membership relates to. This revenue is recognised over time, on a straight-line basis over the expected duration of the membership. For new club openings, memberships are sold and joining fees are collected in the period before the new club is opened. Membership income received in\ue655advance of the club opening is deferred until the club is\ue655open and then recognised on an accruals basis over the related membership period. IV. Gift CardsThe initial sale of a gift card is treated as an exchange of tender, with the revenue recognised when the cards are redeemed by\ue655the\ue655customer. Revenue from gift card breakage is recognised when the likelihood of the customer utilising the gift card becomes remote. The liability relating to gift cards not yet redeemed is included within other payables and accrued expenses.Selling and Distribution Expenses Selling and distribution expenses are classified based on their function within the Group. Selling and distribution expenses include all costs associated with the marketing and distribution of\ue655the Group\u2019s goods and services. These expenses include advertising and promotional activities, costs relating to stores and warehouses (e.g. staff costs, rents and rates, bank and credit card charges, store security), depreciation and amortisation of assets used in commercial operations, online channel costs, and logistics and distribution-related costs.Administrative Expenses Administrative expenses comprise overhead costs that are not\ue655directly attributable to specific sales, stores or distribution operations. These primarily relate to support functions at Head Office and within the Group\u2019s operating businesses, including finance, human resources, procurement, property, legal, and IT. Depreciation and amortisation of assets used by support functions are included here.In addition, certain non-recurring or judgement-based charges, such as impairments of operational assets, are presented within administrative expenses where they reflect strategic decisions or\ue655significant changes in expected asset utility. While such assets may support commercial functions (e.g. distribution centres), the\ue655classification of impairment within administrative expenses ensures clarity and consistency in distinguishing between underlying operational costs and adjusting items.InventoriesInventories are stated at the lower of cost and net realisable value. Cost is based on the weighted average principle. An element of\ue655supplier rebates is deferred into inventory and released on a\ue655straight-line basis as the related inventory is sold.The Group makes provisions for obsolescence, mark downs and shrinkage based on historical experience, the quality of the\ue655current season buy, market trends and management estimates of future events. The provision requires estimates for shrinkage, the expected future selling price of items and identification of aged\ue655and obsolete items. Share-Based PaymentsThe Executive Directors and senior management receive an element of remuneration in the\ue655form of share-based payments. Share-based payments are measured at fair value at the grant date which is determined by the share price on the day preceding the grant date. The cost of share-based payments is recognised as\ue655an expense, together with a corresponding increase in equity, on a straight-line basis over the vesting period of the awards. The\ue655amount recognised as an expense is adjusted to reflect the number of awards for which the\ue655related service and non-market performance conditions are expected to be met, such that the amount ultimately recognised is based on the number of awards that meet the related service and non-market performance conditions at the vesting date. Further information is available in\ue655the Directors\u2019 Remuneration Report on page 114 and in Note 5.An Employee Benefit Trust (\u2018EBT\u2019) has been established to facilitate the acquisition of ordinary shares to fund share awards made to employees. The assets and liabilities of the EBT have been included in the Group and Company accounts. The assets of\ue655the EBT are held separately from those of the Company. The Group Consolidated Statement of Comprehensive Income does not recognise gains or losses on purchases or sales of own shares. The cost of shares acquired by the EBT is recognised within equity. The Trustee of the EBT has agreed to waive its rights to any and all dividends paid.Assets Held-for-Sale and DisposalsNon-current assets, or disposal groups comprising assets and liabilities, are classified as held-for-sale if all of the following criteria is met in line with IFRS 5.\u2013 The carrying amount is expected to be recovered through the sale transaction\u2013 It is available for sale in its present condition\u2013 The Group had committed to sell and this sale plan had been initiated\u2013 It is being actively marketed at a price that is reasonable in relation to its fair value\u2013 There is an expectation that the sale process would be completed within 12 months of the classification as held-for-sale.Such assets, or disposal groups, are measured at the lower of their carrying amount and fair value less costs to sell. Any impairment loss on a disposal group is allocated first to goodwill, and then to the remaining assets and liabilities on a pro-rata basis, except that no loss is allocated to inventories, financial assets, deferred tax assets or investment property, which continue to be measured in\ue655accordance with the Group\u2019s other accounting policies. Impairment losses on initial classification as held-for-sale and subsequent gains and losses on remeasurement are recognised in the Consolidated Income Statement. Once classified as held-for-sale, intangible assets and property, plant and equipment are no longer amortised or depreciated. On disposal, the balances are derecognised and the profit or loss on disposal is recognised in the Consolidated Income Statement as an adjusting\ue655item.Supplier RebatesSupplier rebates include promotion cost contributions and marketing initiative support and are recognised in the Consolidated Financial Statements when they are contractually agreed with the supplier and can be reliably measured. Such rebates typically relate to the launch of such initiatives and therefore rebate income is typically recognised as a reduction to\ue655cost of sales across the period in which launch costs are recognised. Contributions towards store fixtures are recognised as a credit within the Consolidated Income Statement within the period in which they are received. Other rebates are agreed with suppliers retrospectively once specific targets have been achieved and recognised after the end of the relevant supplier\u2019s financial year.Climate ChangeIn preparing the Consolidated Financial Statements, the Group has considered the potential impact of climate change, particularly in the context of the climate-related risks identified in the Task Force on Climate-related Financial Disclosures (TCFD) section as set out on page 57, on its financial performance and position. There has been no material impact identified on the financial reporting judgements and estimates. In particular, the Group considered the impact of climate change in respect of forecast cash flows for the purposes of impairment assessments of non-current assets, and the useful lives of certain assets. Whilst there is\ue655currently little short to medium-term impact expected from climate change, the Directors are aware of the changing nature of\ue655risks associated with climate change and will regularly assess these risks against judgements and estimates made in preparation of the Group\u2019s financial statements.Critical Accounting Judgements and Key Sources of Estimation UncertaintyThe preparation of financial statements in conformity with adopted IFRSs requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. The\ue655estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of\ue655which form the basis of making the judgements and estimates about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these\ue655estimates. Critical Accounting JudgementsThe following are critical judgements, apart from those involving estimations (which are presented separately below), that management have made in the process of applying the Group\u2019s accounting policies and that have the most effect on the amounts recognised in the Consolidated Group Financial Statements.Adjusting ItemsManagement exercises significant judgement in assessing whether items should be classified as adjusting items. This assessment covers the nature of the item, cause of occurrence and/or scale of impact of that item on the reported performance. In determining whether an item should be presented as adjusting, the Group considers items which are significant because of either their size\ue655or their nature which management believe would distort an\ue655understanding of earnings if not separately presented. An explanation as to why items have been classified as adjusting is\ue655given in Note 4. Further information about metrics that the Group utilise which exclude adjusting items can be found in the Alternative Performance Measures section on pages 246 to 252.Key Sources of Estimation UncertaintyThe key assumptions about the future, and other key sources of estimation uncertainty at the reporting period end, that may have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial period are discussed below:Genesis Put and Call OptionGenesis Put and Call Option agreements that allow the Group\u2019s equity partners to require the Group to purchase a non-controlling interest are recorded\ue655in the consolidated balance sheet initially at the present value of the redemption amount, in accordance with IAS 32 Financial Instruments: Presentation. On initial recognition, the corresponding amount is recognised against the put and call option reserve. Changes in the measurement of the financial liability due to the unwinding of the discount or changes in the amount that the Group could be\ue655required to pay are recognised in\ue655the Consolidated Income Statement. If the contract expires without delivery, the carrying amount of the financial liability is\ue655reclassified to equity, otherwise the financial liability is derecognised for the amount settled.The key significant option outstanding as at 1\ue655February 2025 relates to the Group\u2019s US sub-group, Genesis. The Genesis put liability at 1\ue655February 2025 was \u00a3831 million (2024: \u00a3763 million).The Group uses a\ue655third-party valuation expert to independently determine the present value of the exercise price of the Genesis put and call options. The approach uses a Monte-Carlo simulation model applying a geometric Brownian motion to project the share\ue655price and an arithmetic Brownian motion for the projection of EBITDA forecasts. See Note 25b for the full accounting policy. The critical estimate used to value the put and call option liability is the EBITDA forecasts and growth assumptions for future periods. Further information about the sensitivities used can be found in Note 25b.",
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"value": "1. Basis of PreparationGeneral InformationJD Sports Fashion Plc (the \u2018Company\u2019) is a company incorporated in the United Kingdom and registered in England and Wales. The financial statements for the 52 week period ended 1\ue655February 2025 represent those of the Company and its subsidiaries (together referred to as the \u2018Group\u2019), with the prior period comparatives being\ue655a 53 week period ended 3 February 2024. The financial statements were authorised for issue by the Board of\ue655Directors on\ue65520\ue655May 2025.Basis of PreparationThese Group financial statements have been prepared in accordance with UK-adopted International Accounting Standards.The financial statements are presented in Pounds Sterling, rounded to the nearest million in the current period. The Group has changed the presentation of numerical disclosures from one\ue655decimal place to whole numbers to enhance clarity and consistency across financial reporting. Prior period comparatives have been restated accordingly.The financial statements have\ue655been prepared on a going concern basis, under the historical cost convention, except for the revaluation of certain financial\ue655instruments.The accounting policies set out below have, unless otherwise stated, been applied consistently to all periods presented in\ue655these\ue655financial statements and have been applied consistently by all Group entities. The Group\u2019s business activities, together with the factors likely to affect its future development, performance and position are\ue655set out in the Strategic Report on pages 2 to 87. In addition, details of\ue655financial instruments and exposures to interest rate, foreign currency, credit and liquidity risks are outlined in Note\ue65524. Going ConcernThe Directors have prepared the Group and the Company financial statements on a going concern basis for the following reasons:At 1\ue655February 2025 the Group had a total cash and cash equivalents balance of \u00a3695 million (3\ue655February 2024: \u00a31,102 million) (see Note 34). The Group has committed UK borrowing facilities of \u00a3700 million (3\ue655February 2024: \u00a3700 million) that are available up to 6\ue655November 2026 (see Note 23), of\ue655which \u00a336 million (3\ue655February 2024: \u00a3Nil) has been drawn down in the period. The Group has US\ue655facilities, excluding the new term loan to\ue655acquire Hibbett, of which approximately $300 million is available up until 24\ue655September 2026. Of this $300 million, $15 million (3\ue655February 2024: $13 million) was drawn down in the period. On 23 April 2024, the Group entered into a new Term Loan Facility Agreement for a total commitment of $1 billion for the purpose of acquiring Hibbett Inc. On 25 July 2024 the commitment was drawn in full to facilitate the completion of the acquisition. Post acquisition repayments have been made on the Term Loan and as at 1 February 2025 the balance remaining is $700 million.The Term of the facility is 27 months to July 2026 after allowing for extension options in sole discretion of the Group.The total liquidity from cash and available facilities is therefore c.\u00a31.8 billion at 1 February 2025 (3 February 2024: c.\u00a32.0 billion).There has been no material change in the extent of cash and facilities available since the period end.The Group is currently in the process of refinancing its existing debt facilities of the \u00a3700m RCF, $300m Asset Backed Loan and\ue655$700 Hibbett term loan. Based on ongoing discussions with lenders and market conditions, the Group expects to complete the\ue655refinancing during H1 FY26.These facilities are subject to certain covenants, please refer to\ue655Note 23. The Directors believe that the Group is well placed to\ue655manage its business risks successfully despite the current uncertain economic outlook. The Directors have prepared cash flow forecasts for the Group covering a period of at least 12 months from the date of approval of the Group and Company financial statements, including a range of severe but plausible downside scenarios. These forecasts indicate that the Group and Company will be able to operate within the level of its agreed facilities and in compliance with applicable covenants. The Directors have prepared severe but plausible downside scenarios which cover the same period as the base case. An increase of US cost of goods arising from geopolitical uncertainty has been considered, in addition to a range of reasonably plausible downside scenarios, for the purposes of viability reporting. This has considered the specifics of a significant business continuity event adversely impacting one of the Group\u2019s main Distribution Centres (Kingsway) across the Q4 FY26 peak trading period; a significant cyber-attack resulting in a significant proportion of the Group\u2019s stores being unable to trade for a period of one month, impacting the peak trading period of December 2025; and a severe but plausible reduction in the allocation of stock, or business interruption impacting the availability of stock, from one of our key Sports Fashion suppliers.The forecast cash flows reflecting the above scenarios indicate that there remains sufficient headroom for the Group to operate within the committed facilities and to comply with all relevant banking covenants during the forecast period (further details of which are contained in Note 23). Furthermore, mitigating actions within the Group\u2019s control could be taken, should these severe but plausible scenarios occur, including reductions in capital expenditure, discretionary spend and dividends. These mitigating actions have not been modelled.A reverse stress test has also been performed on the base forecasts which indicates that a combination of the above severe but plausible scenarios all occurring at the same time would be required for the Group to breach a covenant before consideration of mitigating actions. A combination of all the factors above would not exhaust liquidity. This is not considered to be a plausible scenario, as the combination of all scenarios simultaneously is considered to be exceptionally remote.The Directors have considered all of the factors noted above and are confident that the Group has adequate resources to continue to meet all liabilities as and when they fall due for a period of at\ue655least 12 months from the date of approval of these financial statements. Accordingly, the financial statements have been prepared on a going concern basis.Basis of ConsolidationI. Consolidation The Consolidated Financial Statements comprise the financial statements of the Company and its subsidiaries as at 1\ue655February 2025. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over\ue655the investee. Specifically, the Group controls an investee if, and only if, the Group has:\u2013 Power of the investee (i.e. existing rights that give it the current ability to direct the relevant activities of the investee).\u2013 Exposure, or rights, to variable returns from its involvement with\ue655the investee.\u2013 The ability to use its power over the investee to affect its returns.Generally, there is a presumption that a majority of voting rights results in control. To support this presumption and when the Group has less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessing whether it has power over an investee, including:\u2013 The contractual arrangement(s) with the other vote holders of\ue655the investee.\u2013 Rights arising from other contractual arrangements.\u2013 The Group\u2019s voting rights and potential voting rights.The Group re-assesses whether or not it controls an investee if\ue655facts and circumstances indicate that there are changes to one\ue655or more of the three elements of control. Consolidation of a\ue655subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. Assets, liabilities, income and expenses of a subsidiary acquired or disposed of during the period are included in the Consolidated Financial Statements from the date the Group gains control until the date the Group ceases to control the subsidiary.Profit or loss and each component of other comprehensive income (\u2018OCI\u2019) are attributed to the equity holders of the parent of\ue655the\ue655Group and to the non-controlling interests, even if this results in the non-controlling interests having a deficit balance. When\ue655necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies in line\ue655with\ue655the\ue655Group\u2019s accounting policies. All intra-group assets and liabilities, equity, income, expenses and cash flows relating to\ue655transactions between members of the Group are eliminated in\ue655full on consolidation.A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction.If the Group loses control over a subsidiary, it derecognises the related assets (including goodwill), liabilities, non-controlling interest and other components of equity, while any resultant gain\ue655or loss is recognised in the Consolidated Income Statement. Any\ue655investment retained is recognised at fair value.II. Associates and Joint VenturesThe Group\u2019s interests in equity accounted investees comprise interests in associates and joint ventures. Associates are those entities in which the Group has significant influence, but not control or joint control, over the financial and operating policies. A\ue655joint venture is an arrangement in which the Group has joint control over the financial and operating policies.Interests in associates and joint ventures are accounted for using\ue655the equity method and are initially recognised at cost and subsequently a provision for impairment is recognised where appropriate. Subsequent to initial recognition, the Consolidated Financial Statements include the Group\u2019s share of the profit or loss and other comprehensive income of equity accounted investees, until the date on which significant influence or joint control ceases. III. Transactions Eliminated on ConsolidationIntra-group balances, and any unrealised income and expenses arising from intra-group transactions, are eliminated in preparing the Consolidated Financial Statements.IV. Employee Benefit TrustAn Employee Benefit Trust is operated by the Group and Company and is considered to be a special purpose entity in which the substance of the relationship is that of control by the\ue655Group in order that the Group may benefit from its control. The assets held by the trust are consolidated into the Group.Changes in Ownership Interest Without a Loss of ControlIn accordance with IFRS 10 \u2018Consolidated Financial Statements\u2019, upon a change in ownership interest in a subsidiary without a\ue655loss of control, the carrying amounts of the controlling and non-controlling interests are adjusted to reflect the changes in\ue655their relative interests in the subsidiary. Any difference between the amount by which the non-controlling interests are adjusted and the fair value of the consideration paid or received is recognised directly in equity and attributed to the owners of\ue655the parent. Acquisitions or disposals of non-controlling interests are therefore\ue655accounted for as transactions with owners in\ue655their capacity as owners and no goodwill is recognised as a result of\ue655such transactions. Alternative Performance MeasuresThe Directors measure the performance of the Group based on a range of financial measures, including measures not recognised by UK-adopted International Financial Reporting Standards. These Alternative Performance Measures may not be\ue655directly comparable with other companies\u2019 Alternative Performance Measures and the Directors do not intend these to be\ue655a\ue655substitute for, or superior to, IFRS measures. The Directors believe that these Alternative Performance Measures assist in\ue655providing additional useful information on the trading performance of the Group. Alternative Performance Measures are used to enhance the comparability of information between reporting periods, by\ue655accounting for adjusting items. Adjusting items are disclosed separately when they are considered unusual in nature and not\ue655reflective of the trading performance and profitability of the\ue655Group. The separate reporting of adjusting items, which are\ue655presented as adjusting within the relevant category in the Consolidated Income Statement, helps provide an indication of\ue655the\ue655Group\u2019s trading performance. An explanation as to why items have been classified as adjusting is given in Note 4. Further\ue655information can be found in the Alternative Performance Measures section on pages 246 to 252.For the financial period ended 1\ue655February 2025, the Group has updated the adjusting items policy to include the amortisation of\ue655acquired intangible assets. This update is intended to provide greater clarity over the underlying trading performance of the Group. The updated policy is in line with the majority of large, UK\ue655listed retail companies and therefore assists with comparability. See Note 4 for further detail.Adoption of New and Revised StandardsThe following new standards and amendments became effective for the period ended 1\ue655February 2025. These have no significant impact on the consolidated results or financial position.\u2013 Amendments to IAS 1 \u2013 Classification of Liabilities as Current or Non-Current;\u2013 Amendments to IFRS 10 \u2013 Lease Liability in a Sale and Leaseback;\u2013 Amendments to IAS 1 \u2013 Non-Current Liabilities with Covenants;\u2013 Amendments to IAS 7 and IFRS 7 \u2013 Supplier Finance Arrangements; and,\u2013 Amendments to IFRS 16 - Leases - Lease Liability in a Sale and\ue655Leaseback.At the date of authorisation of these consolidated Financial Statements, the Group has not applied the following new and revised standards and amendments that have been issued but are not yet effective: \u2013 Amendments to IAS 21 \u2013 Lack of Exchangeability (effective from 1 January 2025); \u2013 Amendments to IFRS 9 and IFRS 7 - Classification and Measurement of Financial Instruments (effective from 1\ue655January\ue6552026); \u2013 Amendments to IFRS 9 and IFRS 7 - Contracts Referencing Nature-dependent Electricity (effective from 1 January 2026); \u2013 IFRS 19 Subsidiaries without Public Accountability (effective from 1 January 2027); and, \u2013 IFRS 18 Presentation and Disclosures in Financial statements (effective from 1 January 2027). IFRS 18 will replace IAS 1 \u2018Presentation of Financial Statements\u2019 and become effective on 1 January 2027. IFRS 18 will introduce five new requirements on presentation and disclosure in the financial statements, with a focus on the income statement and\ue655reporting of financial performance. Income and expenses in\ue655the income statement will be classified into five categories \u2013 operating, investing, financing, income taxes and discontinued operations. Two new subtotals will be presented: \u2018Operating profit or loss\u2019 and \u2018Profit or loss before financing and income tax\u2019. IFRS 18 will also require disclosures about management-defined performance measures in the financial statements and disclosure of information based on enhanced general requirements on aggregation and disaggregation. The Group is currently assessing the impact of IFRS 18. The\ue655group\u2019s assessment remains ongoing and further changes upon the implementation of IFRS 18 may be required. The Group continues to monitor the potential impact of other new standards and interpretations which may be endorsed and require adoption by the Group in future reporting periods. Accounting PoliciesRevenue RecognitionRevenue is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods and services provided in the normal course of business, net\ue655of price discounts and sales-related taxes.I. Goods Sold Through Retail Stores and Trading WebsitesIn the case of goods sold through retail stores and trading websites, revenue is recognised when goods are sold, meaning the\ue655performance obligation of the transaction has been satisfied, less provision for returns, and discounts applied. A separate right of return asset is recognised. Accumulated experience is used to estimate and provide for such returns at the time of the sale. The\ue655refund liability due to customers on return of their goods is\ue655recognised in a separate refund liability category. Retail sales are typically paid by cash, debit card or credit card. For online sales, performance obligations are deemed to be satisfied when the goods are delivered to the customer.For online click and collect orders, where the customer pays online but collects in store, performance obligations are deemed to be satisfied when the goods are collected by the customer.For reserve and collect orders, where the customer reserves online but pays at the point of collection from the store, performance obligations are deemed to be satisfied when the goods are collected by the customer.JD StatusJD Cash issued by the Group when a JD Status customer purchases goods is a separate performance obligation providing a\ue655material right to a future discount. The total sales price of goods is allocated to JD Cash and goods sold based on their relative standalone selling prices. The amount allocated to JD Cash is provided for as a contract liability in trade and other payables. This deferred income is then recognised when JD Cash is used by\ue655the JD Status member.II. Wholesale RevenueWholesale revenue is recognised when goods are dispatched, meaning that the performance obligations have been met and control over a product has passed to the\ue655customer. In some instances, goods are sold with a right of return. Where wholesale goods are sold with a right of return,\ue655a\ue655provision is made to estimate the expected level of returns based on accumulated experience and historical rates. The refund liability due to customers on return\ue655of their goods is recognised in a separate refund liability category. Wholesale sales are either settled by cash\ue655received in\ue655advance\ue655of\ue655the goods being dispatched or made on agreed credit terms.III. Subscription and Joining Fee RevenueRevenue from the sale of fitness and leisure club memberships is recognised in the period the membership relates to. This revenue is recognised over time, on a straight-line basis over the expected duration of the membership. For new club openings, memberships are sold and joining fees are collected in the period before the new club is opened. Membership income received in\ue655advance of the club opening is deferred until the club is\ue655open and then recognised on an accruals basis over the related membership period. IV. Gift CardsThe initial sale of a gift card is treated as an exchange of tender, with the revenue recognised when the cards are redeemed by\ue655the\ue655customer. Revenue from gift card breakage is recognised when the likelihood of the customer utilising the gift card becomes remote. The liability relating to gift cards not yet redeemed is included within other payables and accrued expenses.Selling and Distribution Expenses Selling and distribution expenses are classified based on their function within the Group. Selling and distribution expenses include all costs associated with the marketing and distribution of\ue655the Group\u2019s goods and services. These expenses include advertising and promotional activities, costs relating to stores and warehouses (e.g. staff costs, rents and rates, bank and credit card charges, store security), depreciation and amortisation of assets used in commercial operations, online channel costs, and logistics and distribution-related costs.Administrative Expenses Administrative expenses comprise overhead costs that are not\ue655directly attributable to specific sales, stores or distribution operations. These primarily relate to support functions at Head Office and within the Group\u2019s operating businesses, including finance, human resources, procurement, property, legal, and IT. Depreciation and amortisation of assets used by support functions are included here.In addition, certain non-recurring or judgement-based charges, such as impairments of operational assets, are presented within administrative expenses where they reflect strategic decisions or\ue655significant changes in expected asset utility. While such assets may support commercial functions (e.g. distribution centres), the\ue655classification of impairment within administrative expenses ensures clarity and consistency in distinguishing between underlying operational costs and adjusting items.InventoriesInventories are stated at the lower of cost and net realisable value. Cost is based on the weighted average principle. An element of\ue655supplier rebates is deferred into inventory and released on a\ue655straight-line basis as the related inventory is sold.The Group makes provisions for obsolescence, mark downs and shrinkage based on historical experience, the quality of the\ue655current season buy, market trends and management estimates of future events. The provision requires estimates for shrinkage, the expected future selling price of items and identification of aged\ue655and obsolete items. Share-Based PaymentsThe Executive Directors and senior management receive an element of remuneration in the\ue655form of share-based payments. Share-based payments are measured at fair value at the grant date which is determined by the share price on the day preceding the grant date. The cost of share-based payments is recognised as\ue655an expense, together with a corresponding increase in equity, on a straight-line basis over the vesting period of the awards. The\ue655amount recognised as an expense is adjusted to reflect the number of awards for which the\ue655related service and non-market performance conditions are expected to be met, such that the amount ultimately recognised is based on the number of awards that meet the related service and non-market performance conditions at the vesting date. Further information is available in\ue655the Directors\u2019 Remuneration Report on page 114 and in Note 5.An Employee Benefit Trust (\u2018EBT\u2019) has been established to facilitate the acquisition of ordinary shares to fund share awards made to employees. The assets and liabilities of the EBT have been included in the Group and Company accounts. The assets of\ue655the EBT are held separately from those of the Company. The Group Consolidated Statement of Comprehensive Income does not recognise gains or losses on purchases or sales of own shares. The cost of shares acquired by the EBT is recognised within equity. The Trustee of the EBT has agreed to waive its rights to any and all dividends paid.Assets Held-for-Sale and DisposalsNon-current assets, or disposal groups comprising assets and liabilities, are classified as held-for-sale if all of the following criteria is met in line with IFRS 5.\u2013 The carrying amount is expected to be recovered through the sale transaction\u2013 It is available for sale in its present condition\u2013 The Group had committed to sell and this sale plan had been initiated\u2013 It is being actively marketed at a price that is reasonable in relation to its fair value\u2013 There is an expectation that the sale process would be completed within 12 months of the classification as held-for-sale.Such assets, or disposal groups, are measured at the lower of their carrying amount and fair value less costs to sell. Any impairment loss on a disposal group is allocated first to goodwill, and then to the remaining assets and liabilities on a pro-rata basis, except that no loss is allocated to inventories, financial assets, deferred tax assets or investment property, which continue to be measured in\ue655accordance with the Group\u2019s other accounting policies. Impairment losses on initial classification as held-for-sale and subsequent gains and losses on remeasurement are recognised in the Consolidated Income Statement. Once classified as held-for-sale, intangible assets and property, plant and equipment are no longer amortised or depreciated. On disposal, the balances are derecognised and the profit or loss on disposal is recognised in the Consolidated Income Statement as an adjusting\ue655item.Supplier RebatesSupplier rebates include promotion cost contributions and marketing initiative support and are recognised in the Consolidated Financial Statements when they are contractually agreed with the supplier and can be reliably measured. Such rebates typically relate to the launch of such initiatives and therefore rebate income is typically recognised as a reduction to\ue655cost of sales across the period in which launch costs are recognised. Contributions towards store fixtures are recognised as a credit within the Consolidated Income Statement within the period in which they are received. Other rebates are agreed with suppliers retrospectively once specific targets have been achieved and recognised after the end of the relevant supplier\u2019s financial year.Climate ChangeIn preparing the Consolidated Financial Statements, the Group has considered the potential impact of climate change, particularly in the context of the climate-related risks identified in the Task Force on Climate-related Financial Disclosures (TCFD) section as set out on page 57, on its financial performance and position. There has been no material impact identified on the financial reporting judgements and estimates. In particular, the Group considered the impact of climate change in respect of forecast cash flows for the purposes of impairment assessments of non-current assets, and the useful lives of certain assets. Whilst there is\ue655currently little short to medium-term impact expected from climate change, the Directors are aware of the changing nature of\ue655risks associated with climate change and will regularly assess these risks against judgements and estimates made in preparation of the Group\u2019s financial statements.Critical Accounting Judgements and Key Sources of Estimation UncertaintyThe preparation of financial statements in conformity with adopted IFRSs requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. The\ue655estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of\ue655which form the basis of making the judgements and estimates about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these\ue655estimates. Critical Accounting JudgementsThe following are critical judgements, apart from those involving estimations (which are presented separately below), that management have made in the process of applying the Group\u2019s accounting policies and that have the most effect on the amounts recognised in the Consolidated Group Financial Statements.Adjusting ItemsManagement exercises significant judgement in assessing whether items should be classified as adjusting items. This assessment covers the nature of the item, cause of occurrence and/or scale of impact of that item on the reported performance. In determining whether an item should be presented as adjusting, the Group considers items which are significant because of either their size\ue655or their nature which management believe would distort an\ue655understanding of earnings if not separately presented. An explanation as to why items have been classified as adjusting is\ue655given in Note 4. Further information about metrics that the Group utilise which exclude adjusting items can be found in the Alternative Performance Measures section on pages 246 to 252.Key Sources of Estimation UncertaintyThe key assumptions about the future, and other key sources of estimation uncertainty at the reporting period end, that may have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial period are discussed below:Genesis Put and Call OptionGenesis Put and Call Option agreements that allow the Group\u2019s equity partners to require the Group to purchase a non-controlling interest are recorded\ue655in the consolidated balance sheet initially at the present value of the redemption amount, in accordance with IAS 32 Financial Instruments: Presentation. On initial recognition, the corresponding amount is recognised against the put and call option reserve. Changes in the measurement of the financial liability due to the unwinding of the discount or changes in the amount that the Group could be\ue655required to pay are recognised in\ue655the Consolidated Income Statement. If the contract expires without delivery, the carrying amount of the financial liability is\ue655reclassified to equity, otherwise the financial liability is derecognised for the amount settled.The key significant option outstanding as at 1\ue655February 2025 relates to the Group\u2019s US sub-group, Genesis. The Genesis put liability at 1\ue655February 2025 was \u00a3831 million (2024: \u00a3763 million).The Group uses a\ue655third-party valuation expert to independently determine the present value of the exercise price of the Genesis put and call options. The approach uses a Monte-Carlo simulation model applying a geometric Brownian motion to project the share\ue655price and an arithmetic Brownian motion for the projection of EBITDA forecasts. See Note 25b for the full accounting policy. The critical estimate used to value the put and call option liability is the EBITDA forecasts and growth assumptions for future periods. Further information about the sensitivities used can be found in Note 25b.",
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"value": "Basis of PreparationThese Group financial statements have been prepared in accordance with UK-adopted International Accounting Standards.The financial statements are presented in Pounds Sterling, rounded to the nearest million in the current period. The Group has changed the presentation of numerical disclosures from one\ue655decimal place to whole numbers to enhance clarity and consistency across financial reporting. Prior period comparatives have been restated accordingly.The financial statements have\ue655been prepared on a going concern basis, under the historical cost convention, except for the revaluation of certain financial\ue655instruments.The accounting policies set out below have, unless otherwise stated, been applied consistently to all periods presented in\ue655these\ue655financial statements and have been applied consistently by all Group entities. The Group\u2019s business activities, together with the factors likely to affect its future development, performance and position are\ue655set out in the Strategic Report on pages 2 to 87. In addition, details of\ue655financial instruments and exposures to interest rate, foreign currency, credit and liquidity risks are outlined in Note\ue65524.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:213800HROV6Y9MUU8375",
"period": "2024-02-03T00:00:00/2025-02-02T00:00:00"
}
},
"f1__s9__6__18": {
"value": "Going ConcernThe Directors have prepared the Group and the Company financial statements on a going concern basis for the following reasons:At 1\ue655February 2025 the Group had a total cash and cash equivalents balance of \u00a3695 million (3\ue655February 2024: \u00a31,102 million) (see Note 34). The Group has committed UK borrowing facilities of \u00a3700 million (3\ue655February 2024: \u00a3700 million) that are available up to 6\ue655November 2026 (see Note 23), of\ue655which \u00a336 million (3\ue655February 2024: \u00a3Nil) has been drawn down in the period. The Group has US\ue655facilities, excluding the new term loan to\ue655acquire Hibbett, of which approximately $300 million is available up until 24\ue655September 2026. Of this $300 million, $15 million (3\ue655February 2024: $13 million) was drawn down in the period. On 23 April 2024, the Group entered into a new Term Loan Facility Agreement for a total commitment of $1 billion for the purpose of acquiring Hibbett Inc. On 25 July 2024 the commitment was drawn in full to facilitate the completion of the acquisition. Post acquisition repayments have been made on the Term Loan and as at 1 February 2025 the balance remaining is $700 million.The Term of the facility is 27 months to July 2026 after allowing for extension options in sole discretion of the Group.The total liquidity from cash and available facilities is therefore c.\u00a31.8 billion at 1 February 2025 (3 February 2024: c.\u00a32.0 billion).There has been no material change in the extent of cash and facilities available since the period end.The Group is currently in the process of refinancing its existing debt facilities of the \u00a3700m RCF, $300m Asset Backed Loan and\ue655$700 Hibbett term loan. Based on ongoing discussions with lenders and market conditions, the Group expects to complete the\ue655refinancing during H1 FY26.These facilities are subject to certain covenants, please refer to\ue655Note 23. The Directors believe that the Group is well placed to\ue655manage its business risks successfully despite the current uncertain economic outlook. The Directors have prepared cash flow forecasts for the Group covering a period of at least 12 months from the date of approval of the Group and Company financial statements, including a range of severe but plausible downside scenarios. These forecasts indicate that the Group and Company will be able to operate within the level of its agreed facilities and in compliance with applicable covenants. The Directors have prepared severe but plausible downside scenarios which cover the same period as the base case. An increase of US cost of goods arising from geopolitical uncertainty has been considered, in addition to a range of reasonably plausible downside scenarios, for the purposes of viability reporting. This has considered the specifics of a significant business continuity event adversely impacting one of the Group\u2019s main Distribution Centres (Kingsway) across the Q4 FY26 peak trading period; a significant cyber-attack resulting in a significant proportion of the Group\u2019s stores being unable to trade for a period of one month, impacting the peak trading period of December 2025; and a severe but plausible reduction in the allocation of stock, or business interruption impacting the availability of stock, from one of our key Sports Fashion suppliers.The forecast cash flows reflecting the above scenarios indicate that there remains sufficient headroom for the Group to operate within the committed facilities and to comply with all relevant banking covenants during the forecast period (further details of which are contained in Note 23). Furthermore, mitigating actions within the Group\u2019s control could be taken, should these severe but plausible scenarios occur, including reductions in capital expenditure, discretionary spend and dividends. These mitigating actions have not been modelled.A reverse stress test has also been performed on the base forecasts which indicates that a combination of the above severe but plausible scenarios all occurring at the same time would be required for the Group to breach a covenant before consideration of mitigating actions. A combination of all the factors above would not exhaust liquidity. This is not considered to be a plausible scenario, as the combination of all scenarios simultaneously is considered to be exceptionally remote.The Directors have considered all of the factors noted above and are confident that the Group has adequate resources to continue to meet all liabilities as and when they fall due for a period of at\ue655least 12 months from the date of approval of these financial statements. Accordingly, the financial statements have been prepared on a going concern basis.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:213800HROV6Y9MUU8375",
"period": "2024-02-03T00:00:00/2025-02-02T00:00:00"
}
},
"f1__s9__6__20": {
"value": "Basis of ConsolidationI. Consolidation The Consolidated Financial Statements comprise the financial statements of the Company and its subsidiaries as at 1\ue655February 2025. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over\ue655the investee. Specifically, the Group controls an investee if, and only if, the Group has:\u2013 Power of the investee (i.e. existing rights that give it the current ability to direct the relevant activities of the investee).\u2013 Exposure, or rights, to variable returns from its involvement with\ue655the investee.\u2013 The ability to use its power over the investee to affect its returns.Generally, there is a presumption that a majority of voting rights results in control. To support this presumption and when the Group has less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessing whether it has power over an investee, including:\u2013 The contractual arrangement(s) with the other vote holders of\ue655the investee.\u2013 Rights arising from other contractual arrangements.\u2013 The Group\u2019s voting rights and potential voting rights.The Group re-assesses whether or not it controls an investee if\ue655facts and circumstances indicate that there are changes to one\ue655or more of the three elements of control. Consolidation of a\ue655subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. Assets, liabilities, income and expenses of a subsidiary acquired or disposed of during the period are included in the Consolidated Financial Statements from the date the Group gains control until the date the Group ceases to control the subsidiary.Profit or loss and each component of other comprehensive income (\u2018OCI\u2019) are attributed to the equity holders of the parent of\ue655the\ue655Group and to the non-controlling interests, even if this results in the non-controlling interests having a deficit balance. When\ue655necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies in line\ue655with\ue655the\ue655Group\u2019s accounting policies. All intra-group assets and liabilities, equity, income, expenses and cash flows relating to\ue655transactions between members of the Group are eliminated in\ue655full on consolidation.A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction.If the Group loses control over a subsidiary, it derecognises the related assets (including goodwill), liabilities, non-controlling interest and other components of equity, while any resultant gain\ue655or loss is recognised in the Consolidated Income Statement. Any\ue655investment retained is recognised at fair value.II. Associates and Joint VenturesThe Group\u2019s interests in equity accounted investees comprise interests in associates and joint ventures. Associates are those entities in which the Group has significant influence, but not control or joint control, over the financial and operating policies. A\ue655joint venture is an arrangement in which the Group has joint control over the financial and operating policies.Interests in associates and joint ventures are accounted for using\ue655the equity method and are initially recognised at cost and subsequently a provision for impairment is recognised where appropriate. Subsequent to initial recognition, the Consolidated Financial Statements include the Group\u2019s share of the profit or loss and other comprehensive income of equity accounted investees, until the date on which significant influence or joint control ceases. III. Transactions Eliminated on ConsolidationIntra-group balances, and any unrealised income and expenses arising from intra-group transactions, are eliminated in preparing the Consolidated Financial Statements.IV. Employee Benefit TrustAn Employee Benefit Trust is operated by the Group and Company and is considered to be a special purpose entity in which the substance of the relationship is that of control by the\ue655Group in order that the Group may benefit from its control. The assets held by the trust are consolidated into the Group.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:213800HROV6Y9MUU8375",
"period": "2024-02-03T00:00:00/2025-02-02T00:00:00"
}
},
"f1__s9__6__22": {
"value": "Adoption of New and Revised StandardsThe following new standards and amendments became effective for the period ended 1\ue655February 2025. These have no significant impact on the consolidated results or financial position.\u2013 Amendments to IAS 1 \u2013 Classification of Liabilities as Current or Non-Current;\u2013 Amendments to IFRS 10 \u2013 Lease Liability in a Sale and Leaseback;\u2013 Amendments to IAS 1 \u2013 Non-Current Liabilities with Covenants;\u2013 Amendments to IAS 7 and IFRS 7 \u2013 Supplier Finance Arrangements; and,\u2013 Amendments to IFRS 16 - Leases - Lease Liability in a Sale and\ue655Leaseback.At the date of authorisation of these consolidated Financial Statements, the Group has not applied the following new and revised standards and amendments that have been issued but are not yet effective: \u2013 Amendments to IAS 21 \u2013 Lack of Exchangeability (effective from 1 January 2025); \u2013 Amendments to IFRS 9 and IFRS 7 - Classification and Measurement of Financial Instruments (effective from 1\ue655January\ue6552026); \u2013 Amendments to IFRS 9 and IFRS 7 - Contracts Referencing Nature-dependent Electricity (effective from 1 January 2026); \u2013 IFRS 19 Subsidiaries without Public Accountability (effective from 1 January 2027); and, \u2013 IFRS 18 Presentation and Disclosures in Financial statements (effective from 1 January 2027). IFRS 18 will replace IAS 1 \u2018Presentation of Financial Statements\u2019 and become effective on 1 January 2027. IFRS 18 will introduce five new requirements on presentation and disclosure in the financial statements, with a focus on the income statement and\ue655reporting of financial performance. Income and expenses in\ue655the income statement will be classified into five categories \u2013 operating, investing, financing, income taxes and discontinued operations. Two new subtotals will be presented: \u2018Operating profit or loss\u2019 and \u2018Profit or loss before financing and income tax\u2019. IFRS 18 will also require disclosures about management-defined performance measures in the financial statements and disclosure of information based on enhanced general requirements on aggregation and disaggregation. The Group is currently assessing the impact of IFRS 18. The\ue655group\u2019s assessment remains ongoing and further changes upon the implementation of IFRS 18 may be required. The Group continues to monitor the potential impact of other new standards and interpretations which may be endorsed and require adoption by the Group in future reporting periods.",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:213800HROV6Y9MUU8375",
"period": "2024-02-03T00:00:00/2025-02-02T00:00:00"
}
},
"f1__s9__6__23-1": {
"value": "Accounting PoliciesRevenue RecognitionRevenue is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods and services provided in the normal course of business, net\ue655of price discounts and sales-related taxes.I. Goods Sold Through Retail Stores and Trading WebsitesIn the case of goods sold through retail stores and trading websites, revenue is recognised when goods are sold, meaning the\ue655performance obligation of the transaction has been satisfied, less provision for returns, and discounts applied. A separate right of return asset is recognised. Accumulated experience is used to estimate and provide for such returns at the time of the sale. The\ue655refund liability due to customers on return of their goods is\ue655recognised in a separate refund liability category. Retail sales are typically paid by cash, debit card or credit card. For online sales, performance obligations are deemed to be satisfied when the goods are delivered to the customer.For online click and collect orders, where the customer pays online but collects in store, performance obligations are deemed to be satisfied when the goods are collected by the customer.For reserve and collect orders, where the customer reserves online but pays at the point of collection from the store, performance obligations are deemed to be satisfied when the goods are collected by the customer.JD StatusJD Cash issued by the Group when a JD Status customer purchases goods is a separate performance obligation providing a\ue655material right to a future discount. The total sales price of goods is allocated to JD Cash and goods sold based on their relative standalone selling prices. The amount allocated to JD Cash is provided for as a contract liability in trade and other payables. This deferred income is then recognised when JD Cash is used by\ue655the JD Status member.II. Wholesale RevenueWholesale revenue is recognised when goods are dispatched, meaning that the performance obligations have been met and control over a product has passed to the\ue655customer. In some instances, goods are sold with a right of return. Where wholesale goods are sold with a right of return,\ue655a\ue655provision is made to estimate the expected level of returns based on accumulated experience and historical rates. The refund liability due to customers on return\ue655of their goods is recognised in a separate refund liability category. Wholesale sales are either settled by cash\ue655received in\ue655advance\ue655of\ue655the goods being dispatched or made on agreed credit terms.III. Subscription and Joining Fee RevenueRevenue from the sale of fitness and leisure club memberships is recognised in the period the membership relates to. This revenue is recognised over time, on a straight-line basis over the expected duration of the membership. For new club openings, memberships are sold and joining fees are collected in the period before the new club is opened. Membership income received in\ue655advance of the club opening is deferred until the club is\ue655open and then recognised on an accruals basis over the related membership period. IV. Gift CardsThe initial sale of a gift card is treated as an exchange of tender, with the revenue recognised when the cards are redeemed by\ue655the\ue655customer. Revenue from gift card breakage is recognised when the likelihood of the customer utilising the gift card becomes remote. The liability relating to gift cards not yet redeemed is included within other payables and accrued expenses.Selling and Distribution Expenses Selling and distribution expenses are classified based on their function within the Group. Selling and distribution expenses include all costs associated with the marketing and distribution of\ue655the Group\u2019s goods and services. These expenses include advertising and promotional activities, costs relating to stores and warehouses (e.g. staff costs, rents and rates, bank and credit card charges, store security), depreciation and amortisation of assets used in commercial operations, online channel costs, and logistics and distribution-related costs.Administrative Expenses Administrative expenses comprise overhead costs that are not\ue655directly attributable to specific sales, stores or distribution operations. These primarily relate to support functions at Head Office and within the Group\u2019s operating businesses, including finance, human resources, procurement, property, legal, and IT. Depreciation and amortisation of assets used by support functions are included here.In addition, certain non-recurring or judgement-based charges, such as impairments of operational assets, are presented within administrative expenses where they reflect strategic decisions or\ue655significant changes in expected asset utility. While such assets may support commercial functions (e.g. distribution centres), the\ue655classification of impairment within administrative expenses ensures clarity and consistency in distinguishing between underlying operational costs and adjusting items.InventoriesInventories are stated at the lower of cost and net realisable value. Cost is based on the weighted average principle. An element of\ue655supplier rebates is deferred into inventory and released on a\ue655straight-line basis as the related inventory is sold.The Group makes provisions for obsolescence, mark downs and shrinkage based on historical experience, the quality of the\ue655current season buy, market trends and management estimates of future events. The provision requires estimates for shrinkage, the expected future selling price of items and identification of aged\ue655and obsolete items. Share-Based PaymentsThe Executive Directors and senior management receive an element of remuneration in the\ue655form of share-based payments. Share-based payments are measured at fair value at the grant date which is determined by the share price on the day preceding the grant date. The cost of share-based payments is recognised as\ue655an expense, together with a corresponding increase in equity, on a straight-line basis over the vesting period of the awards. The\ue655amount recognised as an expense is adjusted to reflect the number of awards for which the\ue655related service and non-market performance conditions are expected to be met, such that the amount ultimately recognised is based on the number of awards that meet the related service and non-market performance conditions at the vesting date. Further information is available in\ue655the Directors\u2019 Remuneration Report on page 114 and in Note 5.An Employee Benefit Trust (\u2018EBT\u2019) has been established to facilitate the acquisition of ordinary shares to fund share awards made to employees. The assets and liabilities of the EBT have been included in the Group and Company accounts. The assets of\ue655the EBT are held separately from those of the Company. The Group Consolidated Statement of Comprehensive Income does not recognise gains or losses on purchases or sales of own shares. The cost of shares acquired by the EBT is recognised within equity. The Trustee of the EBT has agreed to waive its rights to any and all dividends paid.Assets Held-for-Sale and DisposalsNon-current assets, or disposal groups comprising assets and liabilities, are classified as held-for-sale if all of the following criteria is met in line with IFRS 5.\u2013 The carrying amount is expected to be recovered through the sale transaction\u2013 It is available for sale in its present condition\u2013 The Group had committed to sell and this sale plan had been initiated\u2013 It is being actively marketed at a price that is reasonable in relation to its fair value\u2013 There is an expectation that the sale process would be completed within 12 months of the classification as held-for-sale.Such assets, or disposal groups, are measured at the lower of their carrying amount and fair value less costs to sell. Any impairment loss on a disposal group is allocated first to goodwill, and then to the remaining assets and liabilities on a pro-rata basis, except that no loss is allocated to inventories, financial assets, deferred tax assets or investment property, which continue to be measured in\ue655accordance with the Group\u2019s other accounting policies. Impairment losses on initial classification as held-for-sale and subsequent gains and losses on remeasurement are recognised in the Consolidated Income Statement. Once classified as held-for-sale, intangible assets and property, plant and equipment are no longer amortised or depreciated. On disposal, the balances are derecognised and the profit or loss on disposal is recognised in the Consolidated Income Statement as an adjusting\ue655item.Supplier RebatesSupplier rebates include promotion cost contributions and marketing initiative support and are recognised in the Consolidated Financial Statements when they are contractually agreed with the supplier and can be reliably measured. Such rebates typically relate to the launch of such initiatives and therefore rebate income is typically recognised as a reduction to\ue655cost of sales across the period in which launch costs are recognised. Contributions towards store fixtures are recognised as a credit within the Consolidated Income Statement within the period in which they are received. Other rebates are agreed with suppliers retrospectively once specific targets have been achieved and recognised after the end of the relevant supplier\u2019s financial year.Climate ChangeIn preparing the Consolidated Financial Statements, the Group has considered the potential impact of climate change, particularly in the context of the climate-related risks identified in the Task Force on Climate-related Financial Disclosures (TCFD) section as set out on page 57, on its financial performance and position. There has been no material impact identified on the financial reporting judgements and estimates. In particular, the Group considered the impact of climate change in respect of forecast cash flows for the purposes of impairment assessments of non-current assets, and the useful lives of certain assets. Whilst there is\ue655currently little short to medium-term impact expected from climate change, the Directors are aware of the changing nature of\ue655risks associated with climate change and will regularly assess these risks against judgements and estimates made in preparation of the Group\u2019s financial statements.Critical Accounting Judgements and Key Sources of Estimation UncertaintyThe preparation of financial statements in conformity with adopted IFRSs requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. The\ue655estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of\ue655which form the basis of making the judgements and estimates about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these\ue655estimates. Critical Accounting JudgementsThe following are critical judgements, apart from those involving estimations (which are presented separately below), that management have made in the process of applying the Group\u2019s accounting policies and that have the most effect on the amounts recognised in the Consolidated Group Financial Statements.Adjusting ItemsManagement exercises significant judgement in assessing whether items should be classified as adjusting items. This assessment covers the nature of the item, cause of occurrence and/or scale of impact of that item on the reported performance. In determining whether an item should be presented as adjusting, the Group considers items which are significant because of either their size\ue655or their nature which management believe would distort an\ue655understanding of earnings if not separately presented. An explanation as to why items have been classified as adjusting is\ue655given in Note 4. Further information about metrics that the Group utilise which exclude adjusting items can be found in the Alternative Performance Measures section on pages 246 to 252.Key Sources of Estimation UncertaintyThe key assumptions about the future, and other key sources of estimation uncertainty at the reporting period end, that may have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial period are discussed below:Genesis Put and Call OptionGenesis Put and Call Option agreements that allow the Group\u2019s equity partners to require the Group to purchase a non-controlling interest are recorded\ue655in the consolidated balance sheet initially at the present value of the redemption amount, in accordance with IAS 32 Financial Instruments: Presentation. On initial recognition, the corresponding amount is recognised against the put and call option reserve. Changes in the measurement of the financial liability due to the unwinding of the discount or changes in the amount that the Group could be\ue655required to pay are recognised in\ue655the Consolidated Income Statement. If the contract expires without delivery, the carrying amount of the financial liability is\ue655reclassified to equity, otherwise the financial liability is derecognised for the amount settled.The key significant option outstanding as at 1\ue655February 2025 relates to the Group\u2019s US sub-group, Genesis. The Genesis put liability at 1\ue655February 2025 was \u00a3831 million (2024: \u00a3763 million).The Group uses a\ue655third-party valuation expert to independently determine the present value of the exercise price of the Genesis put and call options. The approach uses a Monte-Carlo simulation model applying a geometric Brownian motion to project the share\ue655price and an arithmetic Brownian motion for the projection of EBITDA forecasts. See Note 25b for the full accounting policy. The critical estimate used to value the put and call option liability is the EBITDA forecasts and growth assumptions for future periods. Further information about the sensitivities used can be found in Note 25b.2. Segmental AnalysisIFRS 8 \u2018Operating Segments\u2019 requires the Group\u2019s segments to be identified on the basis of internal reports about components of the Group that are regularly reviewed by the Chief Operating Decision Maker (CODM) to allocate resources to the\ue655segments and to assess their performance. The CODM is considered to be the Chief Executive Officer of\ue655JD Sports Fashion Plc. Information reported to the CODM is focused on the nature of the businesses within the\ue655Group. As announced in the Group's FY24 Trading Update on 28 March 2024, these financial statements to 1 February 2025 have been presented under the new segmentation used for reporting. The appointment of Regis Schultz as CEO on 2 August 2022 and subsequent announcement of a refinement in strategy at the Capital Markets day on 2 February 2023 resulted in a change in focus with respect to\ue655JD fascia\u2019s, territories and vision for the Group over the next five years. This has continued to lead to various alterations in internal reporting, business review and resource allocation over the 2023-2024 period. Consequently, a\ue655new reporting structure has been derived in order to provide the CODM with information required to deliver the renewed strategy for the Group. The internal reporting changed at the beginning of\ue655FY25, and therefore this triggered a change to the Group\u2019s operating segments. Acquisitions in the period Hibbett and Courir are reported under Complementary Concepts, and following the NCI acquisition of the Mainline business, this now sits under JD for FY25, a change from \u2018Other\u2019 in FY24. This is consistent with IFRS 8, whereby changes in the composition of operating segments must be\ue655considered when there has been a significant internal reorganisation.The CODM receives and reviews segmental operating profit. Certain central administrative costs including Group Directors\u2019 salaries are included within the JD UK operating segment. This is consistent with the results as\ue655reported to the CODM. IFRS 8 requires disclosure of\ue655information regarding revenue from major customers. The majority of the Group\u2019s revenue is derived from the retail of a wide range of\ue655apparel, footwear and accessories to the general public. As such, the disclosure of\ue655revenues from major customers is not applicable. The Group\u2019s reportable segments under IFRS 8 are \u2018JD\u2019, \u2018Complementary Concepts\u2019 and \u2018Sporting Goods and Outdoors\u2019. In\ue655accordance with IFRS 8.12, the Group have aggregated several operating segments with similar economic characteristics into each of the reportable segment, while remaining consistent with core principles of IFRS 8. When aggregating operating segments into reportable segments, the Group considered:\u2013 IFRS 8.12.a the nature of products or services\u2013 IFRS 8.12.c the type or class of customer\u2013 IFRS 8.12.d the methods used to distribute their products. A summary of each reportable segment is below: JDThe JD brand is no.1 priority and the Group have three growth pillars for our JD Brand First strategy: accelerating the opening of, and\ue655conversion to, JD stores across North America; accelerating the opening of, and conversion to, JD stores in Europe; and expanding the JD brand further by entering new markets through either acquisition or franchise. To be consistent with strategy, the key areas of growth are North America and Europe.The entities aggregated within the JD reportable segment are key revenue lines for the Group and areas of increased focus and\ue655investment. Although the entities within this segment operate in various territories, they all have similar characteristics as well-established, leading retailers or wholesalers of footwear, apparel and accessories from a mix of international sports fashion brands and private labels. All entities included in JD target a similar demographic in terms of both age range and an aspiration to achieve a certain style whether the product is used for lifestyle wear or active sports participation. Complementary conceptsThe Group\u2019s Complementary Concepts segment allows access to\ue655a wider customer base and maintenance of a segmented customer focus. The Group have two key pillars currently within this element of the strategy: growing community brands within North America and optimising the profitability of the MIG business within Europe. The brands offered by these entities and consumer appeal is orientated to a different demographic as compared to the demographic targeted by the JD businesses, based on local trends and community fashion. Additionally these retailers have a\ue655different customer base than the other Group segments with products and services orientated to the local community as opposed to mass appeal. Stores are often (but not exclusively) smaller and located in smaller towns.Sporting Goods and OutdoorsSporting Goods and Outdoors include key retailers of the Group which focus on retailing specialist apparel, footwear and technical products for sporting and outdoor pursuits and differs to that of the JD and Complementary Concepts segments. The ISRG, Cosmos and Outdoor brands offered by these entities and consumer appeal is orientated to an older and / or family oriented demographic as\ue655well as technical equipment/apparel as compared to the younger and/or more style-focused demographic targeted by the JD/Complementary Concepts businesses. Restatement of Previously Presented InformationWithin the FY24 RNS, a proforma disclosure of the Group\u2019s FY24 results under the new segments was presented. As disclosed in our 22 August 2024 \u2018Additional Financial information\u2019, upon further review of the disclosure, a gross up difference of \u00a349m was identified in relation to the consolidation entries between \u201cJD\u201d and \u201cOther\u201d requiring an increase in JD operating profit before adjusting items and a decrease in Other. There is no impact on the consolidated numbers.4. Adjusting ItemsThe Group exercises judgement in assessing whether items should be classified as adjusting items. This assessment covers the nature of\ue655the item, cause of occurrence and scale of impact of that item on the reported performance. In determining whether items should be presented as adjusting items, the Group considers items that are significant because of either their size or their nature which management believe would distort an understanding of earnings if not adjusted. In order for an item to be presented as an adjusting item, it should typically meet at least one of the following criteria:\u2013 Impairments of tangible and intangible assets, investments and loan receivables not recoverable\u2013 Unusual in nature or outside the normal course of business (for example, the non-cash movement in the present value of put and call options, and foreign currency movements on non-trading intercompany balances)\u2013 Items directly incurred as a result of either an acquisition, an anticipated acquisition or a divestment, or\ue655arising from a major business change or\ue655restructuring programme (including the amortisation of acquired intangible assets, see below for further detail). For the financial period ended 1\ue655February 2025, the Group has updated the adjusting items policy to include the amortisation of acquired intangible assets. This update is intended to provide greater clarity over the underlying trading performance of the Group and\ue655the change has been applied retrospectively. The separate reporting of items, which are presented as adjusting items within the relevant category in the Consolidated Income Statement,13. Intangible AssetsThe Group recognises intangible assets in respect of goodwill, brand licences, brand names, fascia names, customer relationships, and software development. Group accounting policy for their recognition, measurement and subsequent treatment is explained below. All intangible assets are subject to impairment testing. The approach and findings of impairment reviews performed during the year are set out at the end of this note. There have been a number of intangible asset acquisitions during the period, relating to the Hibbett and Courir acquisitions. Further details, including the fair value of the assets acquired, are provided in Note 11.Recognition, measurement and subsequent treatment of intangible assetsGoodwillGoodwill represents amounts arising on acquisition of subsidiaries. The Group measures goodwill at the acquisition date as:\u2013 the fair value of the consideration transferred; plus\u2013 the recognised amount of any non-controlling interests in the acquiree; plus\u2013 if the business combination is achieved in stages, the fair value of the existing equity interest in the acquiree; less\u2013 the net recognised amount of the identifiable assets acquired and liabilities assumed.When the excess is negative, the gain on bargain purchase is recognised immediately in the Consolidated Income Statement.On disposal of a subsidiary, the attributable amount of goodwill is included in the determination of the profit/loss on disposal.Goodwill is stated at cost less any accumulated impairment losses. Goodwill is not amortised but is instead is tested annually for impairment and whenever there is an indication that the goodwill may be impaired: see policy below. Brand Licences Brand licences are recognised when the Group enters into a licensing agreement with a brand to license their products in return for royalty payments across the term of the contract. On entering into the contract, the licence is assigned a cost based on the discounted contractual minimum royalty payments across the licence term. The cost of the licence is then simultaneously recognised as an intangible asset for the use of the brand licence and a liability for the royalty payments due. Brand licences are stated at cost less accumulated amortisation and impairment losses. Amortisation of brand licences is charged to the Consolidated Income Statement within cost of sales over the term to the licence expiry on a straight-line basis. The remaining useful economic lives of brand licences as at 1 February 2025 range over a period of three months to nine years (2024: three months to ten years). Brand NamesBrand names acquired as part of a business combination are stated at fair value as at the acquisition date less accumulated amortisation and impairment losses. Brand names separately acquired are stated at cost less accumulated amortisation and impairment losses. The useful economic life of each purchased brand name is considered to be finite and is typically between five and ten years. In determining the useful economic life of each brand name, the Board considers the market position of the brands acquired, the nature of\ue655the market that the brands operate in, typical product life-cycles of the brands and the useful economic lives of similar assets that are\ue655used in comparable ways. Brand names are amortised on a straight-line basis over their useful economic lives and the amortisation charge is included within adjusted administrative expenses in the Consolidated Income Statement.Fascia NamesSeparately identifiable fascia names acquired are stated at fair value as at the acquisition date less accumulated amortisation and impairment losses. The initial fair value is determined by using a \u2018royalty relief\u2019 method of valuation. This is based on an estimation of future sales and the choice of a suitable royalty and discount rate in order to calculate the present value. This method involves calculating a net present value for each fascia name by discounting the projected future royalties expected using a finite useful economic life for each fascia. The future royalties are estimated by applying a suitable royalty rate to the sales forecast.Store and online fascia names are considered to have a finite useful economic life. The estimated useful economic lives are as\ue655follows:\u2013 Online fascia names 3 to 10 years\u2013 Store fascia names 5 to 10 years The factors that are considered when determining the useful life of each fascia name are as follows:\u2013 The strength of the respective fascia names in the relevant sector and geographic region where the fascia is located.\u2013 The history of the fascia names and that of similar assets in the relevant retail sectors. \u2013 The commitment of the Group to continue to operate these stores separately for the foreseeable future, including the ongoing investment in new stores and refurbishments.\u2013 The impact of increased competition in the marketplace as a result of reduced barriers to entry and its impact on the useful life of online fascia names.The remaining useful economic lives of fascia names as at 1\ue655February 2025 range over a period of three to ten years (2024:\ue655four to eight\ue655years). Fascia names are all amortised over the useful economic life on a straight-line basis and the amortisation charge is included within adjusted administrative expenses in the Consolidated Income Statement.Customer RelationshipsCustomer relationships acquired as part of a business combination are stated at fair value as at the acquisition date less accumulated amortisation and impairment losses.Amortisation of customer relationships is charged to the Consolidated Income Statement within adjusted administrative expenses over the estimated useful life of one to five years on a straight-line basis. Software DevelopmentSoftware development costs (including website development costs) are capitalised as intangible assets if the technical and commercial feasibility of the project has been demonstrated, the future economic benefits are probable, the Group has an intention and ability to\ue655complete and use or sell the software and the costs can be measured reliably. Costs that do not meet these criteria are expensed as\ue655incurred. Software development costs are stated at historic cost, less accumulated amortisation. Capitalised software costs comprise software under the control of the Group.Software development costs are all amortised over a period of two to seven years on a straight-line basis and the amortisation charge is\ue655included within administrative expenses in the Consolidated Income Statement. Software development includes \u00a31 million (2024: \u00a3Nil) of\ue655internally generated software development. Directly attributable software development costs in relation to the configuration and customisation of cloud computing arrangements, including Software-as-a-Service (\u2018SaaS\u2019) are only capitalised to the extent they give rise to an asset controlled by the Group. Where control cannot be demonstrated, expenditure in relation to such costs is expensed in the period it is incurred. 13. Intangible Assets continuedBrand CustomerSoftware GoodwilllicencesBrand namesFascia namerelationshipsdevelopmentTotal\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mCost of valuationAt 28 January 2023 1,239 96 22 521 14 122 2,014 Additions \u2013 73 \u2013 \u2013 \u2013 30 103 Reclassifications \u2013 \u2013 \u2013 (8) \u2013 (2) (10) Disposals \u2013 (1) \u2013 \u2013 \u2013 (7) (8) Divestments (Note 12) (58) \u2013 (1) (16) \u2013 \u2013 (75) Transfer to assets held -for-sale (Note 37) (7) \u2013 \u2013 \u2013 \u2013 \u2013 (7) Exchange Differences (20) \u2013 \u2013 (6) \u2013 (2) (28) At 3 February 2024 1,154 168 21 491 14 141 1,989 Additions \u2013 16 \u2013 \u2013 \u2013 28 44 Acquisitions 678 1 \u2013 260 2 7 948 Reclassifications \u2013 \u2013 \u2013 \u2013 \u2013 6 6 Transfer from assets held-for-sale (Note 37) 7 \u2013 \u2013 \u2013 \u2013 \u2013 7 Disposals \u2013 (3) (4) \u2013 \u2013 (2) (9) Divestments (Note 12) (23) \u2013 \u2013 (10) \u2013 \u2013 (33) Exchange differences 27 (1) \u2013 11 \u2013 \u2013 37 At 1 February 2025 1,843 181 17 752 16 180 2,989 Amortisation and impairmentAt 28 January 2023 192 20 17 190 4 90 513 Charge for the period \u2013 8 1 45 3 16 73 (1)Impairments 21 \u2013 \u2013 14 \u2013 \u2013 35 Reclassifications \u2013 \u2013 \u2013 (8) \u2013 \u2013 (8) Disposals \u2013 (1) \u2013 \u2013 \u2013 (6) (7) Divestments (Note 12) (36) \u2013 (1) (7) \u2013 \u2013 (44) Exchange differences \u2013 \u2013 \u2013 (1) \u2013 (1) (2) At 3 February 2024 177 27 17 233 7 99 560 Charge for the period \u2013 18 1 51 4 23 97 (1)Impairments \u2013 \u2013 \u2013 5 \u2013 \u2013 5 Reclassifications \u2013 \u2013 \u2013 \u2013 \u2013 (1) (1) Disposals \u2013 \u2013 (5) \u2013 \u2013 (1) (6) Divestments (Note 12) (23) \u2013 \u2013 (10) \u2013 \u2013 (33) Exchange differences \u2013 \u2013 \u2013 2 1 \u2013 3 At 1 February 2025 154 45 13 281 12 120 625 Net book valueAt 1 February 2025 1,689 136 4 471 4 60 2,364 At 3 February 2024 977 141 4 258 7 42 1,429 (1) The impairment charge for the period of \u00a35 million (2024: \u00a335 million) has been treated as an adjusting item. See Note 4 for adjusting\ue655items.Impairment of intangible assetsGoodwill is tested for impairment annually or where there is an indication that impairment may exist. The Group does not have any intangible assets with an indefinite useful life or that have not yet been brought into use. The Group\u2019s annual impairment test has been performed at the end of November 2024. In the prior year the impairment test was performed at the end of July 2023.Other intangible assets with finite lives are tested for impairment only if indicators of impairment exist. Impairment testing is performed at the asset level where possible, or otherwise the cash-generating unit (CGU) being the smallest identifiable group of assets that generate cash inflows that are largely independent of cash inflows from other assets or groups of assets. Corporate assets that contribute to the future cash flows of multiple CGUs are allocated to individual CGUs if possible to do so\ue655on a reasonable and consistent basis, and are otherwise tested for impairment by reference to the cash flows from the smallest grouping of CGUs that they can be allocated to. When an impairment test is performed, recoverable amount is assessed by reference to the higher of the value in use of the relevant CGU and its fair value less costs of disposal.Impairment losses are recognised within adjusted administrative expenditure in the Consolidated Income Statement. Where a CGU is impaired, the impairment is first allocated to any goodwill and then to the other assets of the unit. Identification of Cash-Generating UnitsThe Group considers each store to be a separate CGU capable of generating independent cash flows. A separate online CGU also exists within each fascia. Intangible assets cannot be allocated to individual store and online CGUs on a reasonable and consistent basis and therefore the following approach is taken: \u2013 Goodwill is allocated by grouping store and online CGUs at the operating segment level, reflecting the grouping for internal reporting. The Group\u2019s operating segments are set out in the goodwill impairment testing section below. \u2013 Store and online CGUs operate under a fascia name and each fascia makes use of brand names, licences, customer relationships and software. Therefore, store and online CGUs are grouped into fascia CGUs for the purpose of testing these assets for impairment. Set out below are the results of impairment testing performed during the year. Assets allocated to fascia CGUs are considered first reflecting the order that impairment testing was performed. Fascia CGUsThe impairment charge of \u00a35 million in the current period is a result of impairment of Swim! before divestment, negative growth in the Blacks fascia and lower than anticipated trading results in the 50 Styles fascia within MIG, which is being phased out.In the period ended 3 February 2024, a total of \u00a314m of impairment was recognised in relation to fascia intangible assets across the Go\ue655Outdoors, Livestock, Wheelbase and Swim CGUs.GoodwillNo impairments have been recognised in the current period in relation to testing goodwill for impairment. In the period ended 3\ue655February, a total of \u00a321m of impairment was recognised across the Allsport, Gymnation and Swim CGUs.During the year there was a change to the composition to the Group\u2019s operating and reportable segments, see Note 2 for further detail. This has triggered a need to reassess the segments to which the Group\u2019s goodwill is allocated. The new operating segments represent the lowest level within the Group at which goodwill is monitored for internal management purposes, and the level at which impairment tests are performed. We have therefore reallocated goodwill across these segments.The table below presents the carrying amount of goodwill against each of the new operating and reporting segments:(1)Restatedtotal goodwill Goodwill 2025 2024 Reportable Segment\u00a3m\u00a3mJD UK JD 24 16 JD Europe JD 93 94 JD Active JD 17 15 JD & FL North America JD 123 120 Brand Builders JD 3 3 Complementary Complementary Concepts 325 \u2014 Community Complementary Concepts 1,031 654 Sporting Goods Sporting Goods and Outdoors 68 70 Outdoor Sporting Goods and Outdoors 5 5 1,689 977 (1) 2024 goodwill has been restated under the new operating segments, with the rationale outlined above.AcquisitionsGoodwill recognised within the Complementary operating segment during the period relates to the acquisition of Courir, which was completed near the end of the financial period on 27 November 2024. At the reporting date, the Group has not yet completed the full allocation of the purchase price to the identifiable assets acquired and liabilities assumed. As such, the goodwill amount recognised is provisional and subject to adjustment within the 12-month measurement period, in accordance with IFRS 3 Business Combinations.As part of the initial fair value exercise performed for the opening balance sheet of Courir, management has assessed that the carrying amount of goodwill is currently recoverable. No indicators of impairment were identified at the reporting date. However, given the proximity of the acquisition to period-end, and that the acquisition completed after the annual impairment testing cycle, and in accordance with IAS 36 Impairment of Assets, a full impairment test will be performed in FY26 when the purchase price allocation has been finalised and further financial information becomes available.Goodwill of \u00a3351 million has been recognised on the acquisition of Hibbett within the Community operating segment during the period. As part of the initial fair value exercise performed for Hibbett\u2019s opening balance sheet, management has assessed that the carrying amount of goodwill is currently recoverable. No indicators of impairment were identified at the reporting date. A full impairment test has been completed at period end in line with the methodology outlined above with the carrying amount of goodwill being deemed recoverable. The Group will continue to monitor the performance of the acquired businesses and reassess the carrying amount of goodwill accordingly.Below we have presented the key assumptions used in the goodwill impairment models.For the 52 week period ended 1\ue64aFebruary 2025Impairment model assumptions usedLong term revenue growth Pre-tax (1)(1)Reportable SegmentrateGross margin ratediscount rateJD UK JDGross margins assumed to be consistent with historic levels and 2.0% the approved five year plan. 12.2% JD Europe JDGross margins assumed to be consistent with historic levels and 0.0% the approved five year plan. 14.1% JD Active JDGross margins assumed to be consistent with historic levels and 2.0% the approved five year plan. 10.5% JD & FL North America JDGross margins assumed to be consistent with historic levels and 2.5% the approved five year plan. 13.3% Outdoor Sporting Goods Gross margins assumed to be consistent with historic levels and and Outdoors 0.0% the approved five year plan. 10.8% Sporting Goods Sporting Goods Gross margins assumed to be consistent with historic levels and and Outdoors 1.5% the approved five year plan. 10.3% Community Complementary Gross margins assumed to be consistent with historic levels and Concepts 2.0% the approved five year plan. 14.0% (1) Growth rates and discount rates have not been presented for JD Asia Pacific, this is due to there being no intangible assets to assess as part of an impairment model. The\ue655growth rates presented are the long term revenue growth rates post FY30 applied to the cashflows in the impairment models in order to derive the terminal value.Key Assumptions Used in Value-In-Use Calculations and Sensitivity to Changes in AssumptionsThe calculation of value-in-use for CGUs and groups of CGUs is most sensitive to the following assumptions:\u2013 Gross margins\u2013 Discount rates\u2013 Long term revenue growth ratesThe cash flow projections used in the value-in-use calculations are all based on the Group\u2019s five-year Board approved forecast. The\ue655forecasts are extrapolated based on estimated long-term average growth rates. Estimates are based on past experience and expectations of future changes in the market, including the prevailing economic climate and global economy, competitor activity, market dynamics, changing customer behaviours, structural challenges facing retail and the resilience afforded by the Group\u2019s operational scale.Gross MarginsGross margins are based on the same values as forecast in the Board approved budget and 5 year plan. These are generally expected to\ue655remain constant over the five year forecast period.Discount RatesDiscount rates represent the current market assessment of the risks specific to each CGU and group of CGUs, taking into consideration the time value of money and individual risks of the underlying assets that have not been incorporated in the cash flow estimates. The\ue655discount rate calculation is based on the specific circumstances of the Group and its operating segments and is derived from its weighted average cost of capital (\u2018WACC\u2019).Growth RatesThe short-term revenue growth rate is based on the Board approved average annual growth rates for the five year period following the\ue65552 week period ending 1\ue655February 2025.The terminal growth rate as disclosed above is the rate used thereafter, which is an estimate of the growth based on past experience within the Group, taking account of economic growth forecasts for the relevant sector and geography. The long-term growth rates have been compared to published industry research and the lower of the growth rates have been used in the value-in-use calculation.Sensitivity AnalysisThe Group has carried out sensitivity analysis on the reasonably possible changes in key assumptions in the impairment tests for:(a) each operating segment to which goodwill has been allocated; and (b) for each group of CGUs at a fascia level. Management has considered the possibility of each business achieving less revenue and gross profit % than forecast to ascertain the level at which headroom would be eroded and the level at which a material impairment would occur. Whilst any reduction in revenue would be partially offset by a reduction in revenue-related costs, management would also take actions to mitigate the loss of gross profit by reducing other costs. With regard to the assessment of value-in-use of all groups of CGUs and operating segments with headroom, management believes that there are no reasonably possible changes in any of the key assumptions which would cause the carrying value to materially exceed its recoverable amount and we do not consider this to be a critical estimate. Management does not consider there to be a reasonably possible change in any of the key assumptions in the group of CGUs, or with impairment charges that would materially increase the impairment recognised in the period.Sensitivity analysis has been performed, and there are no intangibles which would be materially impacted by reasonably possible changes to key assumptions that would have a material impact on the carrying value of intangibles. This is due to the significant headroom identified from the value-in-use calculations.14. Property, Plant and EquipmentOwned AssetsItems of property, plant and equipment are stated at cost less accumulated depreciation and impairment losses. Where parts of an\ue655item of property, plant and equipment have different useful economic lives, they are accounted for as separate items.Depreciation Depreciation is charged to the Consolidated Income Statement over the estimated useful life of each part of an item of property, plant and equipment. The estimated useful economic lives are as follows:\u2013 Freehold land \u2013 not depreciated\u2013 Long leasehold and freehold properties \u2013 2% per annum on a straight-line basis\u2013 Improvements to short leasehold properties \u2013 life of lease on a straight-line basis \u2013 Computer equipment \u2013 3\u20134 years on a straight-line basis\u2013 Fixtures and fittings \u2013 5\u20137 years, or length of lease if shorter, on a straight-line basis\u2013 Motor vehicles \u2013 25% per annum on a reducing balance basisThe Group reviews the estimated residual values and expected useful lives of assets at least annually. In particular, the Group considers the impact of health, safety and environmental legislation in its assessment of expected useful lives and estimated residual values. Furthermore, the Group considers climate-related matters, including physical and transition risks. Specifically, the\ue655Group determines whether climate-related legislation and regulations might impact either the useful life or residual values, e.g.\ue655by imposing additional energy efficiency requirements on the Group\u2019s buildings and office properties.DisposalsGains or losses arising on the disposal of property, plant and equipment are determined as the difference between the disposal proceeds and the carrying amount of the assets and are recognised in the Consolidated Income Statement either within other income or\ue655other\ue655expenses.Impairment of Property, Plant and Equipment and Non-Current Other AssetsProperty, plant and equipment and non-current other assets are reviewed for impairment if events or changes in circumstances indicate that the carrying amount of an asset or a cash-generating unit is not recoverable.The Group treats individual retail stores and the online operations of each fascia as separate cash-generating units (\u2018CGUs\u2019) for the purpose of impairment testing as this is the level at which largely independent cash flows are generated. Each store CGU comprises associated property, plant and equipment and right-of-use assets (as disclosed in Note 16), and is tested for impairment at the balance sheet date if any indicators of impairment have been identified.Owned corporate assets, being office and warehouse properties along with associated fixtures and fittings and plant and equipment, cannot be allocated to individual store CGUs on a reasonable and consistent basis. They have been tested for impairment by reference\ue655to the cash flows generated by the smallest grouping of store CGUs that they can be allocated to, being the region or fascia\ue655that they serve.The recoverable amount of each store CGU is the higher of its value-in-use and its fair value less costs of disposal.The value-in-use of each CGU has been calculated using discounted cash inflows derived from the Group\u2019s latest Board approved plans, taking into account the projected impact of future sales growth, and reflects historic performance and knowledge of the current market, together with the Group\u2019s views on the future achievable growth. Cash flows beyond the plan period are extrapolated using growth rates appropriate to each store\u2019s location. Cash flows have been included for the remaining lease life for the specific store and assumptions around lease extensions have been applied where appropriate, reflecting stores as CGUs that typically operate for a longer period than the recognised lease term.The key assumptions on which the forecast cash flows of the CGUs are based include revenue and the pre-tax discount rates. Other assumptions in the model relate to gross margin, cost inflation, growth rates and lease extensions.Discount rates represent the current market assessment of the risks specific to each CGU and group of CGUs, taking into consideration the time value of money and individual risks of the underlying assets that have not been incorporated in the cash flow estimates. The\ue655discount rate calculation is based on the specific circumstances of the Group and its operating segments and is derived from its weighted average cost of capital (\u201cWACC\u201d) which has been calculated using the capital asset pricing model, the inputs of which include the risk-free rate, equity risk premium, Group size premium and a risk adjustment (beta).Impairment losses recognised in prior periods are assessed at each reporting period date for any indications that the loss has decreased or no longer exists. An impairment loss is reversed if there has been a sustainable change in the estimates used to determine the recoverable amount, and if so is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that\ue655would be held (net of depreciation) if no impairment had been realised.Impairment charges of \u00a382 million (2024: \u00a39 million) relate primarily to the impairment of assets within the Derby distribution centre, which is currently held for sale; and to all classes of property, plant and equipment in store CGUs where there has been an impairment indicator and following which a full impairment review has been performed. The loss is based on the specific revenue streams and costs attributable to the store CGU. Assets in impaired store CGUs are written down to their recoverable amount which is calculated as the higher of the fair value less costs to sell and value-in-use.The impairment charge recognised is not materially sensitive to reasonably possible changes in the key assumptions set out above.Included within the depreciation charge for the period ended 1\ue655February 2025 is accelerated depreciation of \u00a36 million (2024: \u00a31 million) following a review of the useful economic life of certain items of property, plant and equipment and assets capitalised.Accounting PolicyThe Group leases assets which consist of properties, vehicles and equipment. The most significant leases in size are retail stores, offices and warehouses. Some leases include an option to renew the lease for an additional period after the end of the non-cancellable period. Some leases provide for changes to rent payments based\ue655on local price indices.The Group assesses whether a contract is, or contains, a lease under IFRS 16. A lease exists if the contract conveys a right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a\ue655contract conveys the right to control the use of an identified asset, the Group assesses whether the following criteria apply:\u2013 The contract involves the use of an identified asset \u2013 this may be specified explicitly or implicitly and should be physically distinct or\ue655represent substantially all of the capacity of a physically distinct asset. If the supplier has a substantive substitution right, then the asset is not identified.\u2013 The Group has the right to obtain substantially all of the economic benefits from use of the asset throughout the period of\ue655use. \u2013 The Group has the right to direct the use of the asset. The Group has this right when it has the decision-making rights that are most relevant to changing how and for what purpose the asset is used. In rare cases, the decision about how and for what purpose the asset is used is predetermined. The Group has the right to direct the use of the asset if either:\u2013 the Group has the right to operate the asset; or\u2013 the Group designed the asset in a way that predetermines how and for what purpose it will be used.At inception, or on reassessment of a contract that contains a lease component, the Group allocates the consideration in\ue655the\ue655contract to each lease component on the basis of its relative stand-alone price. On transition to IFRS 16 on 3 February 2019, the Group elected to apply the practical expedient to grandfather the assessment of which transactions are leases. It applied IFRS 16 only to contracts that were previously identified as leases. Therefore, the definition\ue655of a lease under IFRS 16 has been applied only to contracts entered into or changed on or after the transition date.Key MoneyMonies paid in certain countries to give leaseholders access to retail locations are capitalised within non-current assets. Key money\ue655is stated at cost less expected credit losses. The\ue655key money is recoverable on disposal of a retail location but a loss allowance is calculated if the recoverable amount is less than the historic cost. Gains/losses on key money from the\ue655subsequent disposal of\ue655these retail locations are recognised in the Consolidated Income Statement. Within key money are amounts due within one year of \u00a31 million (2024:\ue655\u00a31 million).Deposits Money paid in certain countries as deposits to store landlords as protection against non-payment of rent is capitalised within non-current assets. Deposits are stated at cost less expected credit losses. The\ue655deposit is recoverable on disposal of a retail location. Deposits are\ue655assessed for recoverability on leased stores using an IFRS 9 expected credit loss model. No loss allowance was recognised as of\ue6551\ue655January 2025 because it was assessed that the amounts are fully recoverable.\ue655Within Deposits are amounts due within one year of\ue655\u00a32\ue655million (2024: \u00a36 million).Accounting PolicyThe Group\u2019s interests in equity-accounted investees comprise interests in associates and interests in joint ventures. Associates are those\ue655entities in which the Group has significant influence, but not control or joint control, over the financial\ue655and operating policies. A\ue655joint venture is an arrangement in which the Group has joint control over the financial\ue655and\ue655operating policies.Interests in associates and joint ventures are accounted for using the equity method and are initially recognised at cost and subsequently a provision for impairment is recognised where appropriate. Subsequent to initial recognition, the Consolidated Financial Statements include the Group\u2019s share of the profit or loss and\ue655other comprehensive income of equity-accounted investees, until the date on which significant influence or joint control\ue655ceases. Transactions and balances with associates and joint ventures are undertaken on a standard commercial terms. Outstanding balances are unsecured (unless otherwise stated) and will be settled in cash.2025 2024 \u00a3m\u00a3mInterest in associates \u2013 33 Interest in joint ventures 1 11 1 44 AssociatesJoint VenturesTotal\u00a3m\u00a3m\u00a3mNet book valueAt 28 January 2023 28 11 39 Additions \u2013 \u2013 \u2013 Disposals (2) (1) (3) Share of profit 7 1 8 At 3 February 2024 33 11 44 Dividends received (5) \u2013 (5) Disposals (33) (12) (45) Share of profit 5 2 7 At 1 February 2025 \u2013 1 120. Inventories2025 2024 \u00a3m\u00a3mFinished goods and goods for resale 2,021 1,593 The cost of inventories recognised as expenses and included in cost of sales for the 52 weeks ended 1\ue655February 2025 was \u00a35,995 million (2024: \u00a35,494 million).Included within inventories is \u00a31 million of deferred supplier rebates (2024: \u00a32 million).At the prior period end, net inventories \u00a314 million were transferred to assets held-for-sale (current period \u00a3Nil - see Note 37 comparative information). The Group had \u00a377 million (2024: \u00a371 million) of stock provisions at the end of the period, the movement on this provision is\ue655shown below:22. Cash and Cash EquivalentsCash at bank and in hand comprise cash balances and call deposits with an original maturity of three months or less, readily convertible to known amounts of cash, and subject to an insignificant risk of changes in value.Cash equivalents represent lodgements in transit held with a third-party payment processor. Customer payments are collected on behalf of the Group and pending settlement into the Group\u2019s primary bank account. Bank overdrafts are included as a component of cash and cash equivalents for the purpose of the Consolidated Statement of\ue655Cash\ue655Flows, as these are used as an integral part of the Group\u2019s cash management.23. Interest-Bearing Loans and BorrowingsInterest-bearing borrowings are recognised initially at fair value less attributable transaction costs. Following the initial recognition, interest-bearing borrowings are stated at amortised cost with any difference between cost and redemption value being recognised in\ue655the Consolidated Income Statement over the period of the borrowings on an effective interest basis.24. Financial InstrumentsFinancial assets and financial liabilities are recognised in the Consolidated Statement of Financial Position when the Group becomes a\ue655party to the contractual provisions of the instrument. Financial assets are derecognised when the contractual rights to\ue655the cash flows from the financial assets expire or are transferred. Financial liabilities are derecognised when the obligation specified in the contract is discharged, is cancelled or expires.The Group recognises the following financial instruments on its Consolidated Statement of Financial Position.At fair value throughAt fair value through 2025 At amortised costprofit or lossother comprehensive \u00a3m\u00a3m\u00a3mincome \u00a3mFinancial assetsCash and cash equivalents 731 731 \u2013 \u2013 Deposits 59 59 \u2013 \u2013 Key Money 12 12 \u2013 \u2013 Trade receivables 27 27 \u2013 \u2013 Other receivables 51 51 \u2013 \u2013 Accrued income 4 4 \u2013 \u2013 (1)Other Investments 38 \u2013 \u2013 38 Foreign exchange forward contracts \u2013 non-hedged 12 \u2013 12 \u2013 Financial liabilitiesForeign exchange forward contracts \u2013 non-hedged (1) \u2013 (1) \u2013 Trade payables (840) (840) \u2013 \u2013 Other payables and accrued expenses (500) (500) \u2013 \u2013 Other payables \u2013 non-current (145) (145) \u2013 \u2013 Lease liabilities - current (493) (493) \u2013 \u2013 Lease liabilities - non-current (2,566) (2,566) \u2013 \u2013 Deferred consideration - non-current (3) (3) \u2013 \u2013 Interest-bearing loans and borrowings \u2013 current (88) (88) \u2013 \u2013 Interest-bearing loans and borrowings \u2013 non-current (591) (591) \u2013 \u2013 Put and call options held by Non-controlling interests - current (188) (188) Put and call options held by Non-controlling interests - non-current (669) (669) \u2013 \u2013 (1) On disposal of its 21.58% shareholding, the Group ceased to hold significant influence over Applied Nutrition and has de-recognised its investment in associate. The remaining 9.78% is accounted for as a financial asset under IFRS 9. The fair value of the retained interest at 1 February 2025 is \u00a338 million. Please refer to Note 19 for further information. At fair value throughAt fair value through 2024 At amortised costprofit or lossother comprehensive \u00a3m\u00a3m\u00a3mincome \u00a3mFinancial assetsCash and cash equivalents 1,153 1,153 \u2013 \u2013 Deposits 45 45 \u2013 \u2013 Key Money 9 9 \u2013 \u2013 Trade receivables 37 37 \u2013 \u2013 Other receivables 37 37 \u2013 \u2013 Accrued Income 2 2 \u2013 \u2013 Foreign exchange forward contracts \u2013 non-hedged 3 \u2013 3 \u2013 Interest rate swap 1 \u2013 1 \u2013 Financial liabilitiesForeign exchange forward contracts \u2013 non-hedged (2) \u2013 (2) \u2013 Trade payables (783) (783) \u2013 \u2013 Other payables and accrued expenses (456) (456) \u2013 \u2013 Other payables \u2013 non-current (155) (155) \u2013 \u2013 Lease liabilities - current (416) (416) \u2013 \u2013 Lease liabilities - non-current (2,068) (2,068) \u2013 \u2013 Contingent consideration \u2013 non-current (2) \u2013 (2) \u2013 Interest-bearing loans and borrowings \u2013 current (93) (93) \u2013 \u2013 Interest-bearing loans and borrowings \u2013 non-current (37) (37) \u2013 \u2013 Put and call options held by non-controlling interests (810) (810) \u2013 \u2013 Financial AssetsThe Group\u2019s financial assets are non-derivative and derivative financial assets. The non-derivative assets are initially recognised at fair value and subsequently measured at amortised cost, and are held to collect principal contractual cash flows and related interest. Credit loss allowance is calculated using lifetime expected credit losses for trade receivables and contract assets, and as 12-months expected credit loss for other assets, if the assets are considered to have low credit risk or if there was no significant increase in credit risk since initial recognition. Cash and cash equivalents comprise short-term cash deposits with major clearing banks earning floating rates of interest based upon bank base rates or rates linked to\ue655SONIA, SOFR (Secured Overnight Financing Rate), EURIBOR (Euro Interbank Offered Rate), and WIBOR (Warsaw Interbank Offer Rate).Financial LiabilitiesFinancial liabilities other than deferred consideration and foreign exchange forward contracts are initially recognised at amortised cost. Deferred consideration and foreign exchange forward contracts are recognised at fair value.Risk ManagementThe Group\u2019s operations expose it to a variety of financial risks including the effect of changes in exchange rates, interest rates, credit risk and liquidity position. The Group manages these risks through the use of derivative instruments, which are reviewed on a regular basis. There are no concentrations of risk in the period to 1\ue655February 2025 (3\ue655February 2024: None).Foreign Currency RiskThe currency profile of those monetary financial assets and liabilities subject to foreign currency risk are shown below:2025 Total Sterling Euros US Dollars Polish Zloty Australian Dollars Other Cash and cash equivalents 731 183 331 148 3 26 40 Trade receivables 27 6 14 4 2 \u2013 1 Interest-bearing loans and borrowings (679) \u2013 (86) (567) (15) (1) (10) Trade payables (840) (167) (286) (330) (12) (20) (25) Net exposure by currency (761) 22 (27) (745) (22) 5 62024 Total Sterling Euros US Dollars Polish Zloty Australian Dollars OtherCash and cash equivalents 1,153 203 360 472 4 55 59 Trade receivables 37 18 10 9 \u2013 \u2013 1 Interest-bearing loans and borrowings (130) (6) (74) \u2013 (40) \u2013 (10) Trade payables (783) (207) (216) (299) (27) (17) (18) Net exposure by currency 277 8 80 182 (63) 38 32\u2013\u2013Foreign Currency TranslationTransactions denominated in foreign currencies are translated into Sterling at the exchange rate prevailing on the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated into Sterling at the rate of exchange at\ue655the reporting date. Exchange differences in monetary items are recognised in the Consolidated Income Statement.Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates at\ue655the dates of the initial transactions. Non-monetary items measured at fair value in a foreign currency are translated using the\ue655exchange rates at the date when the fair value is determined. The gain or loss arising on translation of non-monetary items measured at fair value is treated in line with the recognition of the gain or loss on the change in fair value of the item (i.e., translation differences on items whose fair value gain or loss is recognised in Other Comprehensive Income or profit or loss are\ue655also recognised in Other Comprehensive Income or profit or loss, respectively).On consolidation, the assets and liabilities of the Group\u2019s overseas operations are translated into Sterling at the rate of\ue655exchange at the reporting date. Income and expenses are translated at the average exchange rate for the accounting period. Foreign currency differences are recognised in Other Comprehensive Income and are presented in the foreign currency translation reserve.Derivative Financial InstrumentsThe Group uses derivative financial instruments to hedge its exposure to foreign exchange risks arising from operational activities. In\ue655accordance with its Treasury Policy, the Group does not hold or issue derivative financial instruments for trading purposes. Derivative financial instruments are accounted for as held for trading, initially recognised at fair value and remeasured at each period end, with the gain or loss on remeasurement recognised in the Consolidated Income Statement as incurred. The fair value is the price that would have been received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Hedging of Monetary Assets and LiabilitiesWhere a derivative financial instrument is used to hedge the foreign exchange exposure of a recognised monetary asset or liability, no\ue655hedge accounting is applied and any gain or loss on the hedging instrument is recognised in the Consolidated Income\ue655Statement.The Group is exposed to foreign currency risk on sales and purchases that are denominated in a currency other than Pound Sterling. The currencies giving rise to this risk with principal exposure are the Euro and US Dollar, with sales and purchases made in both currencies. To protect its foreign currency position, the Group sets a buying rate in each country for the purchase of goods in US Dollars at the start of the buying season (typically six to nine months before the product actually starts to appear in the stores) and then enters into a number of local currency/US Dollar contracts whereby the minimum exchange rate on the purchase of Dollars is guaranteed. Our European supply chain strategy has continued to reduce the Sterling/Euro exposure as the European Distribution Centres increasingly source the goods in Euros and create a natural hedge. Surplus Euros are also used to fund the international store developments across Europe, thus alleviating the need for local third-party financing.As at 1\ue655February 2025, the fair value of these instruments were assets of \u00a312 million (2024: \u00a33 million) and liabilities of \u00a31 million (2024:\ue655\u00a32 million). The net asset of \u00a311 million is due within one year (2024: net asset of \u00a31 million). A gain of \u00a310 million (2024: loss of \u00a317 million) has been recognised in cost of sales within the Consolidated Income Statement for the change in\ue655fair value of these instruments.We have considered both the Group and the counterparties\u2019 credit risk and none are expected to have a material effect on the valuation of these instruments.The Group has considered the impact of a 10% strengthening or weakening of Sterling relative to the following currencies as\ue655at\ue655the reporting date. The reduction to profit before tax illustrates the impact on monetary assets and liabilities held in other currencies than the Group\u2019s presentational currency of Sterling. The reduction in equity illustrates the impact of the translation of\ue655the Group\u2019s subsidiaries whose functional currencies are different to the Group\u2019s presentational currency of Sterling plus the impact on monetary assets and liabilities held in other currencies than the Group\u2019s presentational currency of Sterling. A 10% strengthening would have reduced profit before tax and equity as follows:Profit before tax Equity2025 2024 2025 2024 \u00a3m\u00a3m\u00a3m\u00a3mEuros 3 14 61 58 US Dollars 74 13 111 167 Other 1 4 20 21 78 31 192 246 A 10.0% weakening of Sterling relative to the following currencies as at the reporting date would have increased profit before tax and equity as follows:Profit before tax Equity2025 2024 2025 2024 \u00a3m\u00a3m\u00a3m\u00a3mEuros 3 14 61 58 US Dollars 74 13 111 167 Other 1 4 20 21 78 31 192 246 Calculations are performed on the same basis as the prior period and the method assumes that all other variables remain\ue655unchanged.Interest Rate RiskThe Group finances its operations by a mixture of equity and bank borrowings. The Group\u2019s borrowings are at floating rates. Interest rate risk therefore arises from bank borrowings. The Group also has short-term cash deposits with major clearing banks earning floating rates of interest based upon bank base rates or rates linked to\ue655SONIA, SOFR (Secured Overnight Financing Rate), EURIBOR (Euro Interbank Offered Rate), and WIBOR (Warsaw Interbank Offer Rate). Interest rate risk therefore also arises from short-term cash deposits.The Directors continue to be mindful of the potential volatility in base rates, but at present do not consider a long-term interest rate hedge necessary given the inherent short-term nature of both the revolving credit facility and Asset Based Lending Facility and the fact that the Group has short-term cash deposits earning floating rates of interest which create a natural hedge. This\ue655position is reviewed regularly, along with the level of facility required.The Group has potential bank floating rate financial liabilities on the \u00a3700 million syndicated committed facility and the $300 million Asset Based Lending Facility together with overdraft facilities in subsidiary companies (see Notes 22 and 23). At\ue6551\ue655February 2025, \u00a336.0 million was drawn down from the \u00a3700 million committed facility. $15.0 million of the $300 million Asset Based\ue655Lending Facility was drawn down at 1\ue655February 2025 (2024: $13.0 million). On 23 April 2024, the Group entered into a new Term Loan Facility Agreement for a total commitment of $1 billion for the purpose of acquiring Hibbett Inc. On 25th July 2024 the commitment was drawn in full to facilitate the completion of the acquisition. Post acquisition repayments have been made on the Term Loan and as at 1 February 2025 the balance remaining is $700 million. A change of 1.0% in the average interest rates during the period, applied to the Group\u2019s floating interest rate loans and borrowings\ue655as at\ue655the reporting date, would change profit before tax by \u00a34 million (2024: \u00a30.3 million) and would change equity\ue655by \u00a34 million (2024: \u00a30.3 million). The calculation is based on any floating interest rate loans and borrowings drawn down\ue655at\ue655the\ue655period end date. Credit RiskCredit risk arises from the possibility of customers and counterparties failing to meet their obligations to the Group. Investments of cash surpluses, borrowings and derivative instruments are made through major clearing banks, which must\ue655meet minimum credit ratings as required by the Board.All customers who wish to trade on credit terms are subject to credit verification procedures. Receivable balances are monitored on an ongoing basis and a provision is made for impairment where amounts are not thought to be recoverable (see\ue655Note 21). At the reporting date, there were no significant concentrations of credit risk, and receivables which are not impaired are believed to be\ue655recoverable.The Group considers its maximum exposure to credit risk to be equivalent to total trade and other receivables (excluding prepayments, accrued income and right of return assets) of \u00a389 million (2024: \u00a378 million) and cash and cash equivalents of\ue655\u00a3731 million (2024: \u00a31,153 million).The table below provides details of cash and cash equivalents by long-term credit rating of investment-grade rated counterparties:2025 2024 \u00a3m\u00a3mCash and cash equivalents 731 1,153 Aa1 12 111 Aa2 11 69 Aa3 4 134 A1 454 436 A2 87 225 A3 118 102 Baa1 39 41 Baa2 1 34 Baa3 1 \u2013 Ba1 3 1 Ba2 1 \u2013Liquidity RiskLiquidity risk is the risk that the Group will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Group manages its cash and borrowing requirement to minimise net interest expense, whilst ensuring that the Group has sufficient liquid resources to meet the operating needs of\ue655the business. The forecast cash and borrowing profile of the Group is monitored on an ongoing basis, to ensure that adequate headroom remains under committed borrowing facilities. Further, the Board regularly reviews the current financial position and performance and assesses the future prospects of the Group. As\ue655part of this assessment, the Board reviews the Group\u2019s income and expenditure projections, cash flows and other key financial ratios along with the potential impact of, and challenges presented by, the principal risks outlined on pages 44 to 53. The Group\u2019s strategy along with the factors likely to affect the development, performance and position of the businesses are\ue655detailed throughout the Strategic Report on pages 2 to 87. In accordance with the requirements of the UK Corporate Governance Code, the Board has assessed the viability of the Group for a period of three years to 31 May 2028. See page 53 for the Group\u2019s Going Concern and Viability Statement.The following are the remaining contractual maturities of financial liabilities at the reporting date. The amounts are gross and\ue655undiscounted. 2025 0-3 months3-12 months1-2 years2-5 years> 5 years\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mNon-derivative financial instrumentsBank loans and overdrafts 708 84 31 578 13 2 (1)Trade and other payables 1,510 1,278 102 26 61 43 (2)Lease liabilities 3,714 165 485 587 1,348 1,129 (3)Put and call options 902 \u2013 192 200 510 \u2013 Derivative financial instrumentsForward contracts (gross cash outflow) 11 2 9 \u2013 \u2013 \u2013 6,845 1,529 819 1,391 1,932 1,174 (1) Trade and other payables exclude accruals related to salaries, as these are non-financial instruments. (2) This is the undiscounted value of the lease liabilities (see Note 16).(3) An assumption has been made in relation to put and call options that the payment will be made between three and six months after the option has been exercised due to the time required to complete all of the required steps in each agreement and finalise the legal agreements.2024 0-3 months3-12 months1-2 years2-5 years> 5 years\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mNon-derivative financial instrumentsBank loans and overdrafts 133 55 36 32 9 1 Trade and other payables 1,402 1,144 94 26 69 69 (1)Lease liabilities 2,946 123 367 440 1,017 999 (2)Put and call options 900 \u2013 \u2013 176 724 \u2013 Derivative financial instrumentsForward contracts (gross cash outflow) 138 41 97 \u2013 \u2013 \u2013 5,519 1,363 594 674 1,819 1,069 (1) This is the undiscounted value of the lease liabilities (see Note 16).(2) An assumption has been made in relation to put and call options that the payment will be made between three and six months after the option has been exercised due to the time required to complete all of the required steps in each agreement and finalise the legal agreements.Fair ValuesFor the following balances as shown in the Statement of Financial Position as at 52 weeks to 1\ue655February 2025, the fair value approximates the carrying value: Trade and other receivables, Cash and cash equivalents, Other investments, Interest-bearing loans and borrowings \u2013 current, Trade and other payables - current and non-current. Fair values and carrying amounts differ for the following balances as shown in the Statement of Financial Position as at 52 weeks to 1\ue655February 2025: Carrying amountFair value 2025 2025 Note\u00a3m\u00a3mInterest-bearing loans and borrowings - non-current 23 (591) (559) Unrecognised gain (32) The comparatives at 3\ue655February 2024 are as follows:Carrying Amount Fair value 2024 2024 Note\u00a3m\u00a3mInterest-bearing loans and borrowings - non-current 23 (37) (28) Unrecognised gain (9) The carrying value and fair value of the Genesis put/call option liability is approximately equal, please refer to Note 25b for further information in respect of measurement.In respect of the Group\u2019s non-current financial assets and liabilities as at 1\ue655February 2025 and 3\ue655February 2024, the fair value has been\ue655calculated by discounting contractual cash at a rate which reflects the current market assessments of the time value of money and the specific risks applicable to the liability. The valuations were categorised as level 2 in the fair value hierarchy as significant inputs to valuations are observable.Fair Value HierarchyAs at 1\ue655February 2025, the Group held non-hedged foreign exchange forward contracts which were carried at fair value on the Consolidated Statement of\ue655Financial\ue655Position. The Group uses the following hierarchy for determining and disclosing the fair value of financial instrument by\ue655valuation\ue655technique:Level 1: Quoted (unadjusted) prices in active markets for identical assets or liabilities.Level 2: Other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or\ue655indirectly.Level 3: Techniques which use inputs that have a significant affect on the recorded fair value that are not based on observable market data.Fair valueLevel 1Level 2Level 31 February 2025\u00a3m\u00a3m\u00a3m\u00a3mFinancial assets at fair value through profit and lossForeign exchange forward contracts \u2013 non-hedged 12 \u2013 12 \u2013 Other Investments 38 38 \u2013 \u2013 Financial liabilities at fair value through profit or lossForeign exchange forward contracts \u2013 non-hedged 1 \u2013 1 \u2013 Fair valueLevel 1Level 2Level 33 February 2024\u00a3m\u00a3m\u00a3m\u00a3mFinancial assets at fair value through profit and lossForeign exchange forward contracts \u2013 non-hedged 3 \u2013 3 \u2013 Interest rate swap 1 \u2013 1 \u2013 Financial liabilities at fair value through profit or lossForeign exchange forward contracts \u2013 non-hedged (2) \u2013 (2) \u2013 Contingent consideration - current \u2013 \u2013 \u2013 \u2013 Contingent consideration - non-current (2) \u2013 \u2013 (2)25. Trade and Other Payables and Put and Call Option LiabilitiesTrade and other payables are non-interest-bearing and are stated at their cost. 2025 2024 \u00a3m\u00a3mCurrent liabilitiesTrade payables 840 783 Other payables and accrued expenses 571 475 Forward contract liability 1 2 Refund liabilities 32 53 Other tax and social security costs 136 133 Trade and other payables 1,580 1,446 Non-current liabilitiesOther payables and accrued expenses 145 155 Other payables 145 155 2025 2024 \u00a3m\u00a3mCurrent liabilities 188 \u2013 Non-current liabilities 669 810 Total put and call option liabilities 857 810 25a. Trade and Other Payables and accrued expensesOther payables and accrued expenses include the following:Reebok brand licenceIn December 2021, the Group signed a contract with ABG Reebok LLC to license the Reebok brand in various territories. The\ue655agreement became effective during the 52 week period ended 28 January 2023. As a result, the Group has recognised an\ue655intangible asset for the use of the brand on the Balance Sheet and a liability for the discounted contractual minimum royalty payments under the initial 10 year term of \u00a365 million.Hoodrich brand licenceIn December 2023, the Group signed a contract with Hoodrich Limited to license the Hoodrich brand in various territories. The\ue655agreement became effective during the 53 week period ended 3 February 2024. As a result, the Group has recognised an intangible asset for the use of the brand on the Balance Sheet and a liability for the discounted contractual minimum royalty payments under the initial 7 year term of \u00a350 million.Football LicensesThe Group has exclusive distribution agreements with 4 European football clubs and associations. The Group has recognised an intangible asset for the use of the brands on the Balance Sheet and a liability for the discounted contractual minimum royalty payments under the agreements. The contract terms range between 3 and 10 years and the asset will be amortised over the relevant contract life. At 1 February 2025 the asset and liability amounted to \u00a316 million, \u00a33 million of the liability is current and \u00a313 million is non-current. 25b. Put and Call Option LiabilitiesPut and call options are in place over all or part of the remaining non-controlling interest shareholding in various subsidiaries. The Group recognises put and call options over non-controlling interests in its subsidiary undertakings as a liability in the Consolidated Statement of Financial Position at the present value of the estimated exercise price of the put and call option. The only material put and call option remaining as at 1\ue655February 2025 is Genesis at \u00a3831 million (2024: Genesis \u00a3763 million).The Group has used a third-party valuation expert to estimate the present value of the Group\u2019s material put and call option liabilities using a Monte-Carlo simulation model, applying a geometric Brownian motion to\ue655project the share price and an arithmetic Brownian motion for the projection of EBITDA. The option formula and multiple are stated in the option agreement allowing the strike price to be calculated from the simulated EBITDA. Upon initial recognition of put and call options, a corresponding entry is made to Other Equity (put and call option reserve), and for subsequent changes on remeasurement of the liability the corresponding entry is\ue655made to adjusting items in the Consolidated Income Statement. Inputs to the Monte-Carlo simulation modelsThe Group has used the Board approved 5-year plan to estimate profit and cash flow forecasts for future periods. In estimating the present value of the Group\u2019s material put and call option liabilities, the key inputs to the Monte-Carlo simulation models\ue655are:\u2013 The EBITDA forecasts and growth assumptions for future periods including forecast net cash/debt and forecast capital expenditure, working capital movements and taxation.\u2013 The EBITDA is projected using an Arithmetic Brownian Motion EBITDA drift. The drift for each time period is\ue655estimated from forecast EBITDA and its standard deviation is estimated from historical EBITDA data.\u2013 The risk-free discount rates, reflecting the current market assessment of the time value of money, used to discount the purchase price (subject to the option pricing cap as defined in the shareholder agreement) to present value. Other OptionsWithin other options the largest value option at FY25 is Cosmos \u00a325 million (2024 \u00a324 million). Management has used a third party valuation\ue655specialist to value the option. The valuation technique is consistent with\ue655that outlined above for material options. The remaining options are valued in house, and total \u00a31 million (2024:\ue655\u00a347 million). During the year \u00a315m of options have lapsed, partly due to the NCI being acquired outside of the option mechanics, and partly due to the divestment of entities where put and call options were held.MarketingIberian SportsInvestment GroupRetail GroupGenesis Topco IncS.A.(\u2018ISRG\u2019)(\u2018Genesis\u2019)(\u2018MIG\u2019)OtherTotal\u00a3m\u00a3m\u00a3m\u00a3mLiabilityAt 28 January 2023 206 783 52 63 1,104 Acquisitions 429 \u2013 \u2013 \u2013 429 Options lapsed and disposed during the period (197) \u2013 \u2013 (5) (202) Other movements \u2013 \u2013 \u2013 (13) (13) Options bought out (434) \u2013 (68) \u2013 (502) (Decrease)/increase in the present value ofthe existing option liability (4) (20) 16 2 (6) At 3 February 2024 \u2013 763 \u2013 47 810 Options lapsed and disposed during the period \u2013 \u2013 \u2013 (15) (15) (Decrease)/increase in the present value ofthe existing option liability \u2013 68 \u2013 (6) 62 At 1 February 2025 \u2013 831 \u2013 26 857 Sensitivity Analysis \u2013 Genesis Put and Call OptionSensitivity analysis was performed over the key variable inputs to the valuation of the Genesis put and call option. The key variable input was determined to be the EBITDA forecasts per the Board approved 5-year plan. 10% was determined to be a reasonably possible change for the EBITDA forecasts included in the approved cash flow forecasts, reflecting recent experience in levels of forecasting accuracy.The result was that:\u2013 A reduction of 10% to the forecast EBITDA would result in a reduction to the put and call option liability of \u00a3104 million (2024: \u00a392\ue655million).\u2013 An increase of 10% to the forecast EBITDA would result in an increase to the put and call option liability of \u00a392 million (2024: \u00a392 million).Option DetailsCurrent options \u2013 Options detailsRecognised atShort-term 1 FebruaryEBITDA growth Discount rate 2025(1)Company Options in existence Exercise periods Methodology Maximum priceassumptionsapplied\u00a3mGenesis Topco Put option The put options The option The option 8.2% - 16.7% 3.91% - 4.37% 831Inc.whereby JD are\ue655exercisable within price is price shall\ue655not (2024: (2024: 3.3% - Sports Fashion 30 calendar days calculated exceed 6.4%-12.5%)4.8%)Plc may be after the based on a \u00a31.46\ue655billion.required to determination of\ue655the multiple of acquire the final put/call value for earnings remaining 20% the financial period. before of\ue655the issued The first put\ue655period interest, tax, share capital of will occur\ue655after the depreciation Genesis Topco determination of the and Inc in four put/call value for the amortisation equal\ue655tranches financial period for the with\ue655the ability to ending on 1 February relevant roll\ue655over a 2025.financial tranche that has The final put option period, less not previously can be exercised post-closing been subject to within a period of 30 cash and the exercise of a calendar days after debt.put\ue655option.the end of the fiscal period ending 1\ue655February 2028.Other put option liabilities 26Total liability 857(1) FY26 of the forecast includes the first full year impact of the Hibbett acquisition.Post Balance Sheet EventIn March 2025, an amendment was made to the Genesis shareholders' agreement. Under the revised terms, the exercise periods for the\ue655Non-Controlling Interest (NCI) put option and the JD call options have been deferred and could be be paid in two equal instalments of 10% with two exercise periods, as opposed to the previous agreement of four equal instalments of 5% with four exercise periods. Any\ue655option tranche can be deferred into the following exercise period, in line with the previous agreement. Additionally there has been no other changes to key terms in the agreement, other than the exercise periods noted above.See note 39 for further details.Accounting policiesContingent liabilities are potential future cash outflows, where the likelihood of payment is considered more than remote but is not considerable probable or cannot be fully measured.Claims and LitigationThe activities of the Group are overseen by regulators around the world and, whilst the Group strives to ensure full compliance with all its regulatory obligations, periodic reviews are inevitable, which may result in a financial penalty. If the risk of a financial penalty arising from one of these reviews is more than remote but not probable or cannot be measured reliably then the Group will disclose this matter as a contingent liability. If the risk of a financial penalty is considered probable and can be measured reliably then the Group would make a provision for this matter.The Group had no material contingent liabilities at 1\ue655February 2025 (2024: none).",
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"value": "Revenue RecognitionRevenue is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods and services provided in the normal course of business, net\ue655of price discounts and sales-related taxes.I. Goods Sold Through Retail Stores and Trading WebsitesIn the case of goods sold through retail stores and trading websites, revenue is recognised when goods are sold, meaning the\ue655performance obligation of the transaction has been satisfied, less provision for returns, and discounts applied. A separate right of return asset is recognised. Accumulated experience is used to estimate and provide for such returns at the time of the sale. The\ue655refund liability due to customers on return of their goods is\ue655recognised in a separate refund liability category. Retail sales are typically paid by cash, debit card or credit card. For online sales, performance obligations are deemed to be satisfied when the goods are delivered to the customer.For online click and collect orders, where the customer pays online but collects in store, performance obligations are deemed to be satisfied when the goods are collected by the customer.For reserve and collect orders, where the customer reserves online but pays at the point of collection from the store, performance obligations are deemed to be satisfied when the goods are collected by the customer.JD StatusJD Cash issued by the Group when a JD Status customer purchases goods is a separate performance obligation providing a\ue655material right to a future discount. The total sales price of goods is allocated to JD Cash and goods sold based on their relative standalone selling prices. The amount allocated to JD Cash is provided for as a contract liability in trade and other payables. This deferred income is then recognised when JD Cash is used by\ue655the JD Status member.II. Wholesale RevenueWholesale revenue is recognised when goods are dispatched, meaning that the performance obligations have been met and control over a product has passed to the\ue655customer. In some instances, goods are sold with a right of return. Where wholesale goods are sold with a right of return,\ue655a\ue655provision is made to estimate the expected level of returns based on accumulated experience and historical rates. The refund liability due to customers on return\ue655of their goods is recognised in a separate refund liability category. Wholesale sales are either settled by cash\ue655received in\ue655advance\ue655of\ue655the goods being dispatched or made on agreed credit terms.III. Subscription and Joining Fee RevenueRevenue from the sale of fitness and leisure club memberships is recognised in the period the membership relates to. This revenue is recognised over time, on a straight-line basis over the expected duration of the membership. For new club openings, memberships are sold and joining fees are collected in the period before the new club is opened. Membership income received in\ue655advance of the club opening is deferred until the club is\ue655open and then recognised on an accruals basis over the related membership period. IV. Gift CardsThe initial sale of a gift card is treated as an exchange of tender, with the revenue recognised when the cards are redeemed by\ue655the\ue655customer. Revenue from gift card breakage is recognised when the likelihood of the customer utilising the gift card becomes remote. The liability relating to gift cards not yet redeemed is included within other payables and accrued expenses.Selling and Distribution Expenses Selling and distribution expenses are classified based on their function within the Group. Selling and distribution expenses include all costs associated with the marketing and distribution of\ue655the Group\u2019s goods and services. These expenses include advertising and promotional activities, costs relating to stores and warehouses (e.g. staff costs, rents and rates, bank and credit card charges, store security), depreciation and amortisation of assets used in commercial operations, online channel costs, and logistics and distribution-related costs.Administrative Expenses Administrative expenses comprise overhead costs that are not\ue655directly attributable to specific sales, stores or distribution operations. These primarily relate to support functions at Head Office and within the Group\u2019s operating businesses, including finance, human resources, procurement, property, legal, and IT. Depreciation and amortisation of assets used by support functions are included here.In addition, certain non-recurring or judgement-based charges, such as impairments of operational assets, are presented within administrative expenses where they reflect strategic decisions or\ue655significant changes in expected asset utility. While such assets may support commercial functions (e.g. distribution centres), the\ue655classification of impairment within administrative expenses ensures clarity and consistency in distinguishing between underlying operational costs and adjusting items.InventoriesInventories are stated at the lower of cost and net realisable value. Cost is based on the weighted average principle. An element of\ue655supplier rebates is deferred into inventory and released on a\ue655straight-line basis as the related inventory is sold.The Group makes provisions for obsolescence, mark downs and shrinkage based on historical experience, the quality of the\ue655current season buy, market trends and management estimates of future events. The provision requires estimates for shrinkage, the expected future selling price of items and identification of aged\ue655and obsolete items. Share-Based PaymentsThe Executive Directors and senior management receive an element of remuneration in the\ue655form of share-based payments. Share-based payments are measured at fair value at the grant date which is determined by the share price on the day preceding the grant date. The cost of share-based payments is recognised as\ue655an expense, together with a corresponding increase in equity, on a straight-line basis over the vesting period of the awards. The\ue655amount recognised as an expense is adjusted to reflect the number of awards for which the\ue655related service and non-market performance conditions are expected to be met, such that the amount ultimately recognised is based on the number of awards that meet the related service and non-market performance conditions at the vesting date. Further information is available in\ue655the Directors\u2019 Remuneration Report on page 114 and in Note 5.An Employee Benefit Trust (\u2018EBT\u2019) has been established to facilitate the acquisition of ordinary shares to fund share awards made to employees. The assets and liabilities of the EBT have been included in the Group and Company accounts. The assets of\ue655the EBT are held separately from those of the Company. The Group Consolidated Statement of Comprehensive Income does not recognise gains or losses on purchases or sales of own shares. The cost of shares acquired by the EBT is recognised within equity. The Trustee of the EBT has agreed to waive its rights to any and all dividends paid.Assets Held-for-Sale and DisposalsNon-current assets, or disposal groups comprising assets and liabilities, are classified as held-for-sale if all of the following criteria is met in line with IFRS 5.\u2013 The carrying amount is expected to be recovered through the sale transaction\u2013 It is available for sale in its present condition\u2013 The Group had committed to sell and this sale plan had been initiated\u2013 It is being actively marketed at a price that is reasonable in relation to its fair value\u2013 There is an expectation that the sale process would be completed within 12 months of the classification as held-for-sale.Such assets, or disposal groups, are measured at the lower of their carrying amount and fair value less costs to sell. Any impairment loss on a disposal group is allocated first to goodwill, and then to the remaining assets and liabilities on a pro-rata basis, except that no loss is allocated to inventories, financial assets, deferred tax assets or investment property, which continue to be measured in\ue655accordance with the Group\u2019s other accounting policies. Impairment losses on initial classification as held-for-sale and subsequent gains and losses on remeasurement are recognised in the Consolidated Income Statement. Once classified as held-for-sale, intangible assets and property, plant and equipment are no longer amortised or depreciated. On disposal, the balances are derecognised and the profit or loss on disposal is recognised in the Consolidated Income Statement as an adjusting\ue655item.Supplier RebatesSupplier rebates include promotion cost contributions and marketing initiative support and are recognised in the Consolidated Financial Statements when they are contractually agreed with the supplier and can be reliably measured. Such rebates typically relate to the launch of such initiatives and therefore rebate income is typically recognised as a reduction to\ue655cost of sales across the period in which launch costs are recognised. Contributions towards store fixtures are recognised as a credit within the Consolidated Income Statement within the period in which they are received. Other rebates are agreed with suppliers retrospectively once specific targets have been achieved and recognised after the end of the relevant supplier\u2019s financial year.Climate ChangeIn preparing the Consolidated Financial Statements, the Group has considered the potential impact of climate change, particularly in the context of the climate-related risks identified in the Task Force on Climate-related Financial Disclosures (TCFD) section as set out on page 57, on its financial performance and position. There has been no material impact identified on the financial reporting judgements and estimates. In particular, the Group considered the impact of climate change in respect of forecast cash flows for the purposes of impairment assessments of non-current assets, and the useful lives of certain assets. Whilst there is\ue655currently little short to medium-term impact expected from climate change, the Directors are aware of the changing nature of\ue655risks associated with climate change and will regularly assess these risks against judgements and estimates made in preparation of the Group\u2019s financial statements.",
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"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
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"period": "2024-02-03T00:00:00/2025-02-02T00:00:00"
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},
"f1__s9__6__25": {
"value": "I. Goods Sold Through Retail Stores and Trading WebsitesIn the case of goods sold through retail stores and trading websites, revenue is recognised when goods are sold, meaning the\ue655performance obligation of the transaction has been satisfied, less provision for returns, and discounts applied. A separate right of return asset is recognised. Accumulated experience is used to estimate and provide for such returns at the time of the sale. The\ue655refund liability due to customers on return of their goods is\ue655recognised in a separate refund liability category. Retail sales are typically paid by cash, debit card or credit card. For online sales, performance obligations are deemed to be satisfied when the goods are delivered to the customer.For online click and collect orders, where the customer pays online but collects in store, performance obligations are deemed to be satisfied when the goods are collected by the customer.For reserve and collect orders, where the customer reserves online but pays at the point of collection from the store, performance obligations are deemed to be satisfied when the goods are collected by the customer.JD StatusJD Cash issued by the Group when a JD Status customer purchases goods is a separate performance obligation providing a\ue655material right to a future discount. The total sales price of goods is allocated to JD Cash and goods sold based on their relative standalone selling prices. The amount allocated to JD Cash is provided for as a contract liability in trade and other payables. This deferred income is then recognised when JD Cash is used by\ue655the JD Status member.II. Wholesale RevenueWholesale revenue is recognised when goods are dispatched, meaning that the performance obligations have been met and control over a product has passed to the\ue655customer. In some instances, goods are sold with a right of return. Where wholesale goods are sold with a right of return,\ue655a\ue655provision is made to estimate the expected level of returns based on accumulated experience and historical rates. The refund liability due to customers on return\ue655of their goods is recognised in a separate refund liability category. Wholesale sales are either settled by cash\ue655received in\ue655advance\ue655of\ue655the goods being dispatched or made on agreed credit terms.III. Subscription and Joining Fee RevenueRevenue from the sale of fitness and leisure club memberships is recognised in the period the membership relates to. This revenue is recognised over time, on a straight-line basis over the expected duration of the membership. For new club openings, memberships are sold and joining fees are collected in the period before the new club is opened. Membership income received in\ue655advance of the club opening is deferred until the club is\ue655open and then recognised on an accruals basis over the related membership period. IV. Gift CardsThe initial sale of a gift card is treated as an exchange of tender, with the revenue recognised when the cards are redeemed by\ue655the\ue655customer. Revenue from gift card breakage is recognised when the likelihood of the customer utilising the gift card becomes remote. The liability relating to gift cards not yet redeemed is included within other payables and accrued expenses.Selling and Distribution Expenses Selling and distribution expenses are classified based on their function within the Group. Selling and distribution expenses include all costs associated with the marketing and distribution of\ue655the Group\u2019s goods and services. These expenses include advertising and promotional activities, costs relating to stores and warehouses (e.g. staff costs, rents and rates, bank and credit card charges, store security), depreciation and amortisation of assets used in commercial operations, online channel costs, and logistics and distribution-related costs.Administrative Expenses Administrative expenses comprise overhead costs that are not\ue655directly attributable to specific sales, stores or distribution operations. These primarily relate to support functions at Head Office and within the Group\u2019s operating businesses, including finance, human resources, procurement, property, legal, and IT. Depreciation and amortisation of assets used by support functions are included here.In addition, certain non-recurring or judgement-based charges, such as impairments of operational assets, are presented within administrative expenses where they reflect strategic decisions or\ue655significant changes in expected asset utility. While such assets may support commercial functions (e.g. distribution centres), the\ue655classification of impairment within administrative expenses ensures clarity and consistency in distinguishing between underlying operational costs and adjusting items.InventoriesInventories are stated at the lower of cost and net realisable value. Cost is based on the weighted average principle. An element of\ue655supplier rebates is deferred into inventory and released on a\ue655straight-line basis as the related inventory is sold.The Group makes provisions for obsolescence, mark downs and shrinkage based on historical experience, the quality of the\ue655current season buy, market trends and management estimates of future events. The provision requires estimates for shrinkage, the expected future selling price of items and identification of aged\ue655and obsolete items. Share-Based PaymentsThe Executive Directors and senior management receive an element of remuneration in the\ue655form of share-based payments. Share-based payments are measured at fair value at the grant date which is determined by the share price on the day preceding the grant date. The cost of share-based payments is recognised as\ue655an expense, together with a corresponding increase in equity, on a straight-line basis over the vesting period of the awards. The\ue655amount recognised as an expense is adjusted to reflect the number of awards for which the\ue655related service and non-market performance conditions are expected to be met, such that the amount ultimately recognised is based on the number of awards that meet the related service and non-market performance conditions at the vesting date. Further information is available in\ue655the Directors\u2019 Remuneration Report on page 114 and in Note 5.An Employee Benefit Trust (\u2018EBT\u2019) has been established to facilitate the acquisition of ordinary shares to fund share awards made to employees. The assets and liabilities of the EBT have been included in the Group and Company accounts. The assets of\ue655the EBT are held separately from those of the Company. The Group Consolidated Statement of Comprehensive Income does not recognise gains or losses on purchases or sales of own shares. The cost of shares acquired by the EBT is recognised within equity. The Trustee of the EBT has agreed to waive its rights to any and all dividends paid.Assets Held-for-Sale and DisposalsNon-current assets, or disposal groups comprising assets and liabilities, are classified as held-for-sale if all of the following criteria is met in line with IFRS 5.\u2013 The carrying amount is expected to be recovered through the sale transaction\u2013 It is available for sale in its present condition\u2013 The Group had committed to sell and this sale plan had been initiated\u2013 It is being actively marketed at a price that is reasonable in relation to its fair value\u2013 There is an expectation that the sale process would be completed within 12 months of the classification as held-for-sale.Such assets, or disposal groups, are measured at the lower of their carrying amount and fair value less costs to sell. Any impairment loss on a disposal group is allocated first to goodwill, and then to the remaining assets and liabilities on a pro-rata basis, except that no loss is allocated to inventories, financial assets, deferred tax assets or investment property, which continue to be measured in\ue655accordance with the Group\u2019s other accounting policies. Impairment losses on initial classification as held-for-sale and subsequent gains and losses on remeasurement are recognised in the Consolidated Income Statement. Once classified as held-for-sale, intangible assets and property, plant and equipment are no longer amortised or depreciated. On disposal, the balances are derecognised and the profit or loss on disposal is recognised in the Consolidated Income Statement as an adjusting\ue655item.Supplier RebatesSupplier rebates include promotion cost contributions and marketing initiative support and are recognised in the Consolidated Financial Statements when they are contractually agreed with the supplier and can be reliably measured. Such rebates typically relate to the launch of such initiatives and therefore rebate income is typically recognised as a reduction to\ue655cost of sales across the period in which launch costs are recognised. Contributions towards store fixtures are recognised as a credit within the Consolidated Income Statement within the period in which they are received. Other rebates are agreed with suppliers retrospectively once specific targets have been achieved and recognised after the end of the relevant supplier\u2019s financial year.Climate ChangeIn preparing the Consolidated Financial Statements, the Group has considered the potential impact of climate change, particularly in the context of the climate-related risks identified in the Task Force on Climate-related Financial Disclosures (TCFD) section as set out on page 57, on its financial performance and position. There has been no material impact identified on the financial reporting judgements and estimates. In particular, the Group considered the impact of climate change in respect of forecast cash flows for the purposes of impairment assessments of non-current assets, and the useful lives of certain assets. Whilst there is\ue655currently little short to medium-term impact expected from climate change, the Directors are aware of the changing nature of\ue655risks associated with climate change and will regularly assess these risks against judgements and estimates made in preparation of the Group\u2019s financial statements.",
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"concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities",
"language": "en",
"entity": "scheme:213800HROV6Y9MUU8375",
"period": "2024-02-03T00:00:00/2025-02-02T00:00:00"
}
},
"f1__s9__6__27": {
"value": "Critical Accounting Judgements and Key Sources of Estimation UncertaintyThe preparation of financial statements in conformity with adopted IFRSs requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. The\ue655estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of\ue655which form the basis of making the judgements and estimates about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these\ue655estimates.",
"dimensions": {
"concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments",
"language": "en",
"entity": "scheme:213800HROV6Y9MUU8375",
"period": "2024-02-03T00:00:00/2025-02-02T00:00:00"
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},
"f1__s9__6__26-1": {
"value": "Critical Accounting Judgements and Key Sources of Estimation UncertaintyThe preparation of financial statements in conformity with adopted IFRSs requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. The\ue655estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of\ue655which form the basis of making the judgements and estimates about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these\ue655estimates.Critical Accounting JudgementsThe following are critical judgements, apart from those involving estimations (which are presented separately below), that management have made in the process of applying the Group\u2019s accounting policies and that have the most effect on the amounts recognised in the Consolidated Group Financial Statements.Adjusting ItemsManagement exercises significant judgement in assessing whether items should be classified as adjusting items. This assessment covers the nature of the item, cause of occurrence and/or scale of impact of that item on the reported performance. In determining whether an item should be presented as adjusting, the Group considers items which are significant because of either their size\ue655or their nature which management believe would distort an\ue655understanding of earnings if not separately presented. An explanation as to why items have been classified as adjusting is\ue655given in Note 4. Further information about metrics that the Group utilise which exclude adjusting items can be found in the Alternative Performance Measures section on pages 246 to 252.Key Sources of Estimation UncertaintyThe key assumptions about the future, and other key sources of estimation uncertainty at the reporting period end, that may have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial period are discussed below:Genesis Put and Call OptionGenesis Put and Call Option agreements that allow the Group\u2019s equity partners to require the Group to purchase a non-controlling interest are recorded\ue655in the consolidated balance sheet initially at the present value of the redemption amount, in accordance with IAS 32 Financial Instruments: Presentation. On initial recognition, the corresponding amount is recognised against the put and call option reserve. Changes in the measurement of the financial liability due to the unwinding of the discount or changes in the amount that the Group could be\ue655required to pay are recognised in\ue655the Consolidated Income Statement. If the contract expires without delivery, the carrying amount of the financial liability is\ue655reclassified to equity, otherwise the financial liability is derecognised for the amount settled.The key significant option outstanding as at 1\ue655February 2025 relates to the Group\u2019s US sub-group, Genesis. The Genesis put liability at 1\ue655February 2025 was \u00a3831 million (2024: \u00a3763 million).The Group uses a\ue655third-party valuation expert to independently determine the present value of the exercise price of the Genesis put and call options. The approach uses a Monte-Carlo simulation model applying a geometric Brownian motion to project the share\ue655price and an arithmetic Brownian motion for the projection of EBITDA forecasts. See Note 25b for the full accounting policy. The critical estimate used to value the put and call option liability is the EBITDA forecasts and growth assumptions for future periods. Further information about the sensitivities used can be found in Note 25b.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:213800HROV6Y9MUU8375",
"period": "2024-02-03T00:00:00/2025-02-02T00:00:00"
}
},
"f1__s9__6__31": {
"value": "2. Segmental AnalysisIFRS 8 \u2018Operating Segments\u2019 requires the Group\u2019s segments to be identified on the basis of internal reports about components of the Group that are regularly reviewed by the Chief Operating Decision Maker (CODM) to allocate resources to the\ue655segments and to assess their performance. The CODM is considered to be the Chief Executive Officer of\ue655JD Sports Fashion Plc. Information reported to the CODM is focused on the nature of the businesses within the\ue655Group. As announced in the Group's FY24 Trading Update on 28 March 2024, these financial statements to 1 February 2025 have been presented under the new segmentation used for reporting. The appointment of Regis Schultz as CEO on 2 August 2022 and subsequent announcement of a refinement in strategy at the Capital Markets day on 2 February 2023 resulted in a change in focus with respect to\ue655JD fascia\u2019s, territories and vision for the Group over the next five years. This has continued to lead to various alterations in internal reporting, business review and resource allocation over the 2023-2024 period. Consequently, a\ue655new reporting structure has been derived in order to provide the CODM with information required to deliver the renewed strategy for the Group. The internal reporting changed at the beginning of\ue655FY25, and therefore this triggered a change to the Group\u2019s operating segments. Acquisitions in the period Hibbett and Courir are reported under Complementary Concepts, and following the NCI acquisition of the Mainline business, this now sits under JD for FY25, a change from \u2018Other\u2019 in FY24. This is consistent with IFRS 8, whereby changes in the composition of operating segments must be\ue655considered when there has been a significant internal reorganisation.The CODM receives and reviews segmental operating profit. Certain central administrative costs including Group Directors\u2019 salaries are included within the JD UK operating segment. This is consistent with the results as\ue655reported to the CODM. IFRS 8 requires disclosure of\ue655information regarding revenue from major customers. The majority of the Group\u2019s revenue is derived from the retail of a wide range of\ue655apparel, footwear and accessories to the general public. As such, the disclosure of\ue655revenues from major customers is not applicable. The Group\u2019s reportable segments under IFRS 8 are \u2018JD\u2019, \u2018Complementary Concepts\u2019 and \u2018Sporting Goods and Outdoors\u2019. In\ue655accordance with IFRS 8.12, the Group have aggregated several operating segments with similar economic characteristics into each of the reportable segment, while remaining consistent with core principles of IFRS 8. When aggregating operating segments into reportable segments, the Group considered:\u2013 IFRS 8.12.a the nature of products or services\u2013 IFRS 8.12.c the type or class of customer\u2013 IFRS 8.12.d the methods used to distribute their products. A summary of each reportable segment is below: JDThe JD brand is no.1 priority and the Group have three growth pillars for our JD Brand First strategy: accelerating the opening of, and\ue655conversion to, JD stores across North America; accelerating the opening of, and conversion to, JD stores in Europe; and expanding the JD brand further by entering new markets through either acquisition or franchise. To be consistent with strategy, the key areas of growth are North America and Europe.The entities aggregated within the JD reportable segment are key revenue lines for the Group and areas of increased focus and\ue655investment. Although the entities within this segment operate in various territories, they all have similar characteristics as well-established, leading retailers or wholesalers of footwear, apparel and accessories from a mix of international sports fashion brands and private labels. All entities included in JD target a similar demographic in terms of both age range and an aspiration to achieve a certain style whether the product is used for lifestyle wear or active sports participation. Complementary conceptsThe Group\u2019s Complementary Concepts segment allows access to\ue655a wider customer base and maintenance of a segmented customer focus. The Group have two key pillars currently within this element of the strategy: growing community brands within North America and optimising the profitability of the MIG business within Europe. The brands offered by these entities and consumer appeal is orientated to a different demographic as compared to the demographic targeted by the JD businesses, based on local trends and community fashion. Additionally these retailers have a\ue655different customer base than the other Group segments with products and services orientated to the local community as opposed to mass appeal. Stores are often (but not exclusively) smaller and located in smaller towns.Sporting Goods and OutdoorsSporting Goods and Outdoors include key retailers of the Group which focus on retailing specialist apparel, footwear and technical products for sporting and outdoor pursuits and differs to that of the JD and Complementary Concepts segments. The ISRG, Cosmos and Outdoor brands offered by these entities and consumer appeal is orientated to an older and / or family oriented demographic as\ue655well as technical equipment/apparel as compared to the younger and/or more style-focused demographic targeted by the JD/Complementary Concepts businesses. Restatement of Previously Presented InformationWithin the FY24 RNS, a proforma disclosure of the Group\u2019s FY24 results under the new segments was presented. As disclosed in our 22 August 2024 \u2018Additional Financial information\u2019, upon further review of the disclosure, a gross up difference of \u00a349m was identified in relation to the consolidation entries between \u201cJD\u201d and \u201cOther\u201d requiring an increase in JD operating profit before adjusting items and a decrease in Other. There is no impact on the consolidated numbers.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:213800HROV6Y9MUU8375",
"period": "2024-02-03T00:00:00/2025-02-02T00:00:00"
}
},
"f1__s9__6__30": {
"value": "2. Segmental AnalysisIFRS 8 \u2018Operating Segments\u2019 requires the Group\u2019s segments to be identified on the basis of internal reports about components of the Group that are regularly reviewed by the Chief Operating Decision Maker (CODM) to allocate resources to the\ue655segments and to assess their performance. The CODM is considered to be the Chief Executive Officer of\ue655JD Sports Fashion Plc. Information reported to the CODM is focused on the nature of the businesses within the\ue655Group. As announced in the Group's FY24 Trading Update on 28 March 2024, these financial statements to 1 February 2025 have been presented under the new segmentation used for reporting. The appointment of Regis Schultz as CEO on 2 August 2022 and subsequent announcement of a refinement in strategy at the Capital Markets day on 2 February 2023 resulted in a change in focus with respect to\ue655JD fascia\u2019s, territories and vision for the Group over the next five years. This has continued to lead to various alterations in internal reporting, business review and resource allocation over the 2023-2024 period. Consequently, a\ue655new reporting structure has been derived in order to provide the CODM with information required to deliver the renewed strategy for the Group. The internal reporting changed at the beginning of\ue655FY25, and therefore this triggered a change to the Group\u2019s operating segments. Acquisitions in the period Hibbett and Courir are reported under Complementary Concepts, and following the NCI acquisition of the Mainline business, this now sits under JD for FY25, a change from \u2018Other\u2019 in FY24. This is consistent with IFRS 8, whereby changes in the composition of operating segments must be\ue655considered when there has been a significant internal reorganisation.The CODM receives and reviews segmental operating profit. Certain central administrative costs including Group Directors\u2019 salaries are included within the JD UK operating segment. This is consistent with the results as\ue655reported to the CODM. IFRS 8 requires disclosure of\ue655information regarding revenue from major customers. The majority of the Group\u2019s revenue is derived from the retail of a wide range of\ue655apparel, footwear and accessories to the general public. As such, the disclosure of\ue655revenues from major customers is not applicable. The Group\u2019s reportable segments under IFRS 8 are \u2018JD\u2019, \u2018Complementary Concepts\u2019 and \u2018Sporting Goods and Outdoors\u2019. In\ue655accordance with IFRS 8.12, the Group have aggregated several operating segments with similar economic characteristics into each of the reportable segment, while remaining consistent with core principles of IFRS 8. When aggregating operating segments into reportable segments, the Group considered:\u2013 IFRS 8.12.a the nature of products or services\u2013 IFRS 8.12.c the type or class of customer\u2013 IFRS 8.12.d the methods used to distribute their products. A summary of each reportable segment is below: JDThe JD brand is no.1 priority and the Group have three growth pillars for our JD Brand First strategy: accelerating the opening of, and\ue655conversion to, JD stores across North America; accelerating the opening of, and conversion to, JD stores in Europe; and expanding the JD brand further by entering new markets through either acquisition or franchise. To be consistent with strategy, the key areas of growth are North America and Europe.The entities aggregated within the JD reportable segment are key revenue lines for the Group and areas of increased focus and\ue655investment. Although the entities within this segment operate in various territories, they all have similar characteristics as well-established, leading retailers or wholesalers of footwear, apparel and accessories from a mix of international sports fashion brands and private labels. All entities included in JD target a similar demographic in terms of both age range and an aspiration to achieve a certain style whether the product is used for lifestyle wear or active sports participation. Complementary conceptsThe Group\u2019s Complementary Concepts segment allows access to\ue655a wider customer base and maintenance of a segmented customer focus. The Group have two key pillars currently within this element of the strategy: growing community brands within North America and optimising the profitability of the MIG business within Europe. The brands offered by these entities and consumer appeal is orientated to a different demographic as compared to the demographic targeted by the JD businesses, based on local trends and community fashion. Additionally these retailers have a\ue655different customer base than the other Group segments with products and services orientated to the local community as opposed to mass appeal. Stores are often (but not exclusively) smaller and located in smaller towns.Sporting Goods and OutdoorsSporting Goods and Outdoors include key retailers of the Group which focus on retailing specialist apparel, footwear and technical products for sporting and outdoor pursuits and differs to that of the JD and Complementary Concepts segments. The ISRG, Cosmos and Outdoor brands offered by these entities and consumer appeal is orientated to an older and / or family oriented demographic as\ue655well as technical equipment/apparel as compared to the younger and/or more style-focused demographic targeted by the JD/Complementary Concepts businesses. Restatement of Previously Presented InformationWithin the FY24 RNS, a proforma disclosure of the Group\u2019s FY24 results under the new segments was presented. As disclosed in our 22 August 2024 \u2018Additional Financial information\u2019, upon further review of the disclosure, a gross up difference of \u00a349m was identified in relation to the consolidation entries between \u201cJD\u201d and \u201cOther\u201d requiring an increase in JD operating profit before adjusting items and a decrease in Other. There is no impact on the consolidated numbers.Information regarding the Group\u2019s reportable segments for the 52 weeks to 1\ue655February 2025 is shown below, The balances presented are the key performance metrics assessed by the CODM. ComplementarySporting Goods JDConceptsand OutdoorsTotalIncome statement\u00a3m\u00a3m\u00a3m\u00a3mRevenue 7,798 2,165 1,495 11,458 Gross profit before adjusting items 3,804 998 670 5,472 Gross margin before adjusting items 48.8 % 46.1 % 44.8 % 47.8 %Operating costs before adjusting items (3,059) (785) (579) (4,423) Operating profit before adjusting items 745 213 91 1,049 Operating margin before adjusting items 9.6% 9.8% 6.1% 9.2% Net finance expense (86) (24) (16) (126) Profit before tax and adjusting items 659 189 75 923ComplementarySporting GoodsJDConceptsand OutdoorsTotalAssets and liabilities\u00a3m\u00a3m\u00a3m\u00a3mInventories 1,009 651 361 2,021 ComplementarySporting GoodsJDConceptsand OutdoorsTotalOther segment information Note\u00a3m\u00a3m\u00a3m\u00a3mCapital expenditure:Intangible assets (Software development) 13 21 1 6 28 Property, plant and equipment 14 397 44 37 478 Depreciation, amortisation and impairments:Amortisation of intangible assets 13 53 29 15 97 Depreciation of property, plant and equipment 14 172 27 31 230 Depreciation of right-of-use assets 16 282 108 68 458 Impairment of non-current assets (adjusting items) 104 \u2013 \u2013 104 Impairment of non-current assets (non-adjusting items) 4 4 1 9 The comparative segmental results for the 53 weeks to 3\ue655February 2024 are shown below:(1)Restated(1)RestatedSporting (1)(1)(1)RestatedComplementaryGoodsRestatedRestatedJDConceptsand OutdoorsOtherTotalIncome statement\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mRevenue 7,593 1,341 1,569 39 10,542 Gross profit before adjusting items 3,703 634 694 17 5,048 Gross margin before adjusting items 48.8 % 47.3 % 44.2 % 43.6 % 47.9 %Operating costs before adjusting items (2,909) (462) (635) (13) (4,019) Operating profit before adjusting items 794 172 59 4 1,029 Operating margin before adjusting items 10.5% 12.8% 3.8% 10.3% 9.8% Net finance expense (31) (16) (16) \u2013 (63) Profit before tax and adjusting items 763 156 43 4 966 (1)Restated(1)RestatedSporting (1)(1)RestatedComplementaryGoodsRestatedJDConceptsand OutdoorsTotalAssets and liabilities\u00a3m\u00a3m\u00a3m\u00a3mInventories 959 307 327 1,593 (1)(1)RestatedRestated(1)(1)RestatedComplementarySporting GoodsRestatedJDConceptsand OutdoorsTotalOther segment information Note\u00a3m\u00a3m\u00a3m\u00a3mCapital expenditure:Intangible assets (software development) 13 25 1 4 30 Property, plant and equipment 14 449 48 33 530 Depreciation, amortisation and impairments:Amortisation of intangible assets 13 29 14 30 73 Depreciation of property, plant and equipment 14 128 26 24 178 Depreciation of right-of-use assets 16 271 77 65 413 Impairment of non-current assets (adjusting items) 10 \u2013 29 39 Impairment of non-current assets (non-adjusting items) \u2013 \u2013 22 22 (1) For the financial period ended 1\ue655February 2025, the Group has changed the reportable and operating segments. Acquisitions in the period Hibbett and Courir are reported under Complementary Concepts, and following the NCI acquisition of the Mainline business, this now sits under JD for FY25, a change from \u2018Other\u2019 in FY24, and meaning for FY25 there is no longer an \u2018Other\u2019 segment. Geographical InformationThe following table provides analysis of the Group\u2019s revenue by geographical market, irrespective of the origin of the goods/services:Revenue by Region52 weeks to 53 weeks to 1 February 3 February 20252024Revenue \u00a3m \u00a3mUK 3,205 3,509 Europe 3,510 3,094 North America 4,242 3,414 Asia Pacific 501 525 11,458 10,542 The revenue from any individual country, with the exception of the UK (2025: \u00a33,205 million; 2024: \u00a33,509 million) and US (2025: \u00a34,111 million; 2024: \u00a33,311 million) is not more than 10% of the Group\u2019s total\ue655revenue.Revenue by Channel52 weeks to 53 weeks to 1 February 3 February 2025 2024Revenue\u00a3m \u00a3mRetail stores 9,081 7,957 Online 2,251 2,350 (1)Other 126 235 11,458 10,542 (1) Other relates to revenue from gym memberships, wholesale and commission sales.Revenue by Category52 weeks to 53 weeks to 1 February 3 February 2025 2024 Revenue\u00a3m\u00a3mFootwear 6,819 5,920 Apparel 3,550 3,408 Accessories 702 670 (2)Other 387 544 11,458 10,542 (2) Other relates to revenue from sales of outdoor living equipment, delivery income and revenue from gym memberships. ",
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"f1__s9__6__34": {
"value": "3. Profit Before Tax52 weeks to 53 weeks to 1 February 3 February 2025 2024 Note\u00a3m\u00a3mProfit before tax is stated after charging/(crediting):Auditor's remuneration:(1)Audit of these financial statements (Deloitte LLP) 14 17 Amounts receivable by the Company's auditor (Deloitte LLP) and its associates in respect of:Audit of financial statements of subsidiaries of the Company 1 1 Depreciation and amortisation of non-current assets:Depreciation of property, plant and equipment 14 230 178 Depreciation of right-of-use assets 16 458 413 Amortisation of intangible assets 13 97 73 Impairments of non-current assets:Property, plant and equipment (adjusting items) 14 80 3 Property, plant and equipment (non-adjusting items) 14 2 7 Right-of-use asset (adjusting items) 16 19 2 Right-of-use asset (non-adjusting items) 16 7 14 Goodwill & fascia names (adjusting items) 13 5 35 Loss on disposal of non-current assets (non-adjusting) 18 8 Impairment loss on financial assets (adjusting) 4 \u2013 59 Rentals payable under non-cancellable leases for:(2)Land and buildings - variable lease payments 16 105 105 (2)Land and buildings - short-term leases 16 3 2 Other items:Movement in the present value of put and call option liabilities (adjusting) 62 (6) Movement in the fair value of forward contracts (10) (17) Foreign exchange loss/(gain) recognised (non-adjusting) 11 (10) Foreign exchange loss/(gain) recognised (adjusting) 5 \u2013 Share of associate profit and joint ventures (5) (8) (3)Other operating income (25) (30) (1) The \u00a314 million audit fee for the period ended 1\ue655February 2025 represents the total audit fee payable to Deloitte LLP for the audit of the Group\u2019s financial statements for the period ended 1\ue655February 2025. Of this \u00a314 million audit fee, \u00a35 million represents the costs incurred to the balance sheet date. Fees of \u00a311,000 were payable to Deloitte LLP in respect of non-audit services for the period ended 1\ue655February 2025. The \u00a317 million audit fee for the period ended 3\ue655February 2024 represents the total audit fee payable to Deloitte LLP for the audit of the Group\u2019s financial statements for the period ended 3\ue655February 2024. Of this \u00a317 million audit fee, \u00a36 million represents the costs incurred to the balance sheet date. Fees of \u00a320,000 were payable to Deloitte LLP in respect of non-audit services for the period ended 3\ue655February 2024.(2) Since transition to IFRS 16 on 3 February 2019, lease rentals in relation to variable, rolling leases and short-term lease payments have been charged to the Consolidated Income Statement. The variable lease payments shown above relate to turnover rents which are impacted by changes in sales at certain stores where the lease includes an element of turnover rent. Rolling lease payments are in relation to leases where the Group has applied judgement to determine the lease term for certain lease contracts in which the Group is a lessee that either have no specified end date, or where the Group continues to occupy the property despite the contractual lease end date having passed.(3) Other operating income relates to income receivable for online and in-store advertising services, commission income, rental income, sub-lease payments receivable and amounts receivable not in the ordinary course of business.",
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"value": "4. Adjusting ItemsThe Group exercises judgement in assessing whether items should be classified as adjusting items. This assessment covers the nature of\ue655the item, cause of occurrence and scale of impact of that item on the reported performance. In determining whether items should be presented as adjusting items, the Group considers items that are significant because of either their size or their nature which management believe would distort an understanding of earnings if not adjusted. In order for an item to be presented as an adjusting item, it should typically meet at least one of the following criteria:\u2013 Impairments of tangible and intangible assets, investments and loan receivables not recoverable\u2013 Unusual in nature or outside the normal course of business (for example, the non-cash movement in the present value of put and call options, and foreign currency movements on non-trading intercompany balances)\u2013 Items directly incurred as a result of either an acquisition, an anticipated acquisition or a divestment, or\ue655arising from a major business change or\ue655restructuring programme (including the amortisation of acquired intangible assets, see below for further detail). For the financial period ended 1\ue655February 2025, the Group has updated the adjusting items policy to include the amortisation of acquired intangible assets. This update is intended to provide greater clarity over the underlying trading performance of the Group and\ue655the change has been applied retrospectively. The separate reporting of items, which are presented as adjusting items within the relevant category in the Consolidated Income Statement,",
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"f1__s9__6__35": {
"value": "4. Adjusting ItemsThe Group exercises judgement in assessing whether items should be classified as adjusting items. This assessment covers the nature of\ue655the item, cause of occurrence and scale of impact of that item on the reported performance. In determining whether items should be presented as adjusting items, the Group considers items that are significant because of either their size or their nature which management believe would distort an understanding of earnings if not adjusted. In order for an item to be presented as an adjusting item, it should typically meet at least one of the following criteria:\u2013 Impairments of tangible and intangible assets, investments and loan receivables not recoverable\u2013 Unusual in nature or outside the normal course of business (for example, the non-cash movement in the present value of put and call options, and foreign currency movements on non-trading intercompany balances)\u2013 Items directly incurred as a result of either an acquisition, an anticipated acquisition or a divestment, or\ue655arising from a major business change or\ue655restructuring programme (including the amortisation of acquired intangible assets, see below for further detail). For the financial period ended 1\ue655February 2025, the Group has updated the adjusting items policy to include the amortisation of acquired intangible assets. This update is intended to provide greater clarity over the underlying trading performance of the Group and\ue655the change has been applied retrospectively. The separate reporting of items, which are presented as adjusting items within the relevant category in the Consolidated Income Statement, helps provide an indication of the Group\u2019s trading performance in the normal course of business. The tax impact of these adjusting items is a tax credit of \u00a347 million (2024: \u00a331 million) as shown on the face of the Consolidated Income\ue655Statement.The total charge for the period is \u00a3208 million, of which \u00a357 million relates to a net cash inflow and \u00a3265 million was a non-cash charge. (1)Restated52 weeks to 53 weeks to 1 February 3 February 2025 2024 \u00a3m\u00a3mItems as a result of acquisitions, divestments, major business changes or restructuring:Acquisition-related costs 9 \u2013 Cost of Sales - Adjusting items 9 \u2014Items as a result of acquisitions, divestments, major business changes or restructuring:Acquisition-related costs 36 11 Divestment and restructuring (78) 38 Integration costs 5 \u2013 (2)Gain arising on deconsolidation \u2013 (36) Amortisation of acquired intangibles 57 49 Deferred consideration charge \u2013 1 Impairments of tangible and intangible assets and investments:Impairments of tangible and intangible assets and investments 112 39 Items that are unusual in nature or outside the normal course of business:Foreign exchange movements 5 \u2014 Administrative expenses - Adjusting items 137 102 Items that are unusual in nature or outside the normal course of business:Put and call option charge / (credit) for the period 62 (6) Finance expenses - Adjusting items 62 (6) (3)Impairments of loan receivables not recoverable \u2013 59 Impairment loss on financial assets - Adjusting items \u2013 59 Adjusting items 208 155 (1) For the financial period ended 1\ue655February 2025, the Group has updated the adjusting items policy to include the amortisation of acquired intangible assets. (2) A net gain of \u00a336 million in the prior period arose following the deconsolidation of Sports Unlimited Retail (\u2018SUR\u2019) after the entity entered bankruptcy on 6 December 2023. From this point onwards the entity was no longer under the control of JD Sports Fashion Plc and was deconsolidated.(3) In the prior period, an impairment loss (\u00a358 million) arose on the loan owed by Sports Unlimited Retail to Iberian Sports Retail Group and Sprinter Megacentros del Deporte SLU, at the time the entity entered bankruptcy. The remaining \u00a31 million relates to other impairments. Acquisition-related costsAcquisition-related costs of \u00a345 million are mainly in respect of the Hibbett and Courir acquisitions (\u00a343 million) which completed in July and November 2024 respectively. \u00a39 million of these costs are recognised within cost of sales, being the expensing of inventory fair\ue655value uplifts, and \u00a336 million are recognised within administrative expenses (\u00a330 million cash costs and \u00a36 million non cash costs). The remaining \u00a32 million relates to the acquisition costs incurred in buying out the 20% non-controlling interest (\u2018NCI\u2019) in Mainline which\ue655completed in November 2024. Acquisition-related costs of \u00a311 million were incurred in the prior period on the Courir acquisition. Divestments and restructuringDuring the current period, a total gain of \u00a378 million was generated on divestments (2024: \u00a332 million) and nil restructuring charges (2024: \u00a37 million) were incurred. In October 2024 the Group disposed of 21.58% of its shareholding in Applied Nutrition. A gain of \u00a351\ue655million arising from the disposal (proceeds of \u00a373 million were received) and gain of \u00a324 million on revaluation of the retained investment on the date of disposal is recognised as an adjusting item. Net gains on other disposals amounted to \u00a33 million. Integration costsThe integration costs of \u00a35 million are associated with the integration of the Group\u2019s US business following the acquisition of Hibbett. This is the first part of a significant multi-year programme to create an integrated platform for the nationwide growth of the JD Brand and Community fascias in North America with an efficient supply chain and back office. We are expecting this programme to deliver at least $25m annual savings over this time frame at a one-off cash cost of around 1x the savings delivered. Amortisation of acquired intangiblesAs disclosed in the FY24 annual report, we have extended the definition of adjusting items to include amortisation of acquired intangibles from our Profit before tax and adjusting items. This is a charge of \u00a357 million in the period. We have restated the FY24\ue655results for this change, leading to a \u00a349 million charge moving from administrative expenses to adjusting items within administrative expenses.Impairments of tangible and intangible asset and investmentsThe impairment of tangible and intangible assets and investments in the current period relates to the impairment of fascia names (\u00a33\ue655million), a debt owed by a joint venture partner (\u00a34 million), the impairment of fixed assets and closure costs (\u00a376 million) in relation to the Derby Distribution Centre and an impairment of right-of use assets and\ue655property, plant and equipment (\u00a329 million) to reflect the\ue655expected closure of 46 under-performing stores within JD Europe following a strategic review of the European store estate. The impairment of tangible and intangible assets in the prior period relates to the impairment of goodwill (\u00a312 million), fascia name (\u00a33\ue655million), right-of-use assets (\u00a33 million), and property plant and equipment (\u00a32 million) arising on the acquisition of Total Swimming Holdings Limited. The charge also includes goodwill impairment prior to the divestment of GymNation (\u00a38 million), the impairment of\ue655the Go Outdoors fascia (\u00a310 million) and impairment of the goodwill and fascia names on three non-core businesses (\u00a31 million)Foreign exchange movementsForeign exchange movements are losses on non-trading balances which are long term, interest bearing, non-trading intercompany loans held by JD Plc with foreign subsidiaries (in a foreign currency). The FX charge in FY24 was immaterial and has not been included in the table above.Put and call option charge / (credit) for the period The \u00a362 million charge is the movement in the present value of the put and call options for the buyouts of NCI of Genesis Topco Inc (\u00a368 million charge) and DTLR (\u00a36\ue655million credit). The charge on Genesis, the company that operates all our North America businesses and of which, the Group owns 80%, is driven by the acquisition of\ue655Hibbett, which has been brought into the Genesis group. In addition, there was a credit of \u00a36 million in relation to the DTLR option, which was revalued prior to the acquisition of the NCI which was completed in the period.",
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"f1__s9__6__40-1": {
"value": "5. Remuneration of DirectorsFull disclosure of the Directors\u2019 remuneration is given in the Directors\u2019 Remuneration Report on\ue655pages 114 to 139.52 weeks to 53 weeks to 1 February 3 February 2025 2024 \u00a3m\u00a3mDirectors' emoluments:As Non-Executive Directors 1 1 As Executive Directors 3 3 Pension contributions \u2013 \u2013 4 4 During the period, there were no Directors (2024: one) within the defined contribution pension scheme. Additional information in relation to the remuneration of key management personnel can be found in Note 36.32. Pension SchemesThe Group operates defined contribution pension schemes, the assets of which are held separately from those of the Group in independently administered funds. Obligations for contributions to the defined contribution schemes are recognised as an\ue655expense in\ue655the Consolidated Income Statement when incurred.The pension charge for the period represents contributions payable by the Group of \u00a327 million (2024: \u00a323 million) in\ue655respect\ue655of employees. Disclosure of the pension contributions payable in respect of the Directors is included in the Directors\u2019 Remuneration Report on pages 114 to 139. The amount owed to the schemes at the period end was \u00a39 million (2024: \u00a37 million).",
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"f1__s9__6__39-1": {
"value": "5. Remuneration of DirectorsFull disclosure of the Directors\u2019 remuneration is given in the Directors\u2019 Remuneration Report on\ue655pages 114 to 139.52 weeks to 53 weeks to 1 February 3 February 2025 2024 \u00a3m\u00a3mDirectors' emoluments:As Non-Executive Directors 1 1 As Executive Directors 3 3 Pension contributions \u2013 \u2013 4 4 During the period, there were no Directors (2024: one) within the defined contribution pension scheme. Additional information in relation to the remuneration of key management personnel can be found in Note 36.33. Share-Based PaymentsThe share-based payment expense for the year is \u00a31 million, which is made up of share option schemes, share awards and cash-settled awards, and will be settled in equity (2024: \u00a33 million, of which \u00a32 million will be settled in equity and \u00a31 million in cash).As at the reporting date, there was no liability arising from cash-settled share-based payments (2024: \u00a3Nil).Share Option and Share SchemesThe Company had the following share schemes in operation during the financial year, all of which are primarily equity-settled schemes (save for a proportion of cash-settled awards granted under the JD Sports Fashion Plc LTIP (2023)):1. The JD Sports Fashion Plc LTIP (2021) permits the grant of a hybrid of cash and options in respect of ordinary shares to selected executives. Options are normally exercisable between the vesting date(s) set at grant and 10 years from the date of grant for nil consideration. The vesting of options will normally be conditional upon the achievement of specified performance targets over a three-year period and/or continuous employment.2. The JD Sports Fashion Plc LTIP (2022) permits the grant of a hybrid of cash and options in respect of ordinary shares to selected executives. Options are normally exercisable between the vesting date(s) set at grant and 5 years from the date of grant for nil consideration. The vesting of options will normally be conditional upon the achievement of specified performance targets over a three-year period and/or continuous employment.3. JD Sports Fashion Plc LTIP (2023) permits the grant of share options in respect of ordinary shares, share awards and cash-settled awards to selected executives. Options are normally exercisable between the vesting date(s) set at grant and 10 years from the date of grant for nil consideration. The vesting of options, share awards and cash-settled awards will normally be conditional upon the achievement of specified performance targets over a three-year period and/or continuous employment.4. JD Sports Fashion Plc LTIP (2024) permits the grant of share options in respect of ordinary shares, share awards and cash-settled awards to selected executives. Options are normally exercisable between the vesting date(s) set at grant and 10 years from the date of grant for nil consideration. The vesting of options and share awards will normally be conditional upon the achievement of specified performance targets over a three-year period and/or continuous employment.5. The Deferred Bonus Plan permits the grant of options in respect of ordinary shares to selected senior executives as a proportion of annual bonus following the completion of a required service period and is dependent on the achievement of corporate performance and individual targets. Options are normally exercisable between three and 10 years from the date of grant for nil consideration. The following tables reconcile the number of share options outstanding and the weighted average exercise price (\u2018WAEP\u2019):52 week period ended 1\ue64aFebruary 2025Long-TermLong-Term Long-Term Long-Term Deferred Bonus Incentive Plan (2021)Incentive Plan (2022)Incentive Plan (2023)Incentive Plan (2024)Plan (2024)Options WAEP (\u00a3) Options WAEP (\u00a3) Options WAEP (\u00a3) Options WAEP (\u00a3) Options WAEP (\u00a3)Outstanding as at 3 February 2024 53,225 \u2013 980,100 \u2013 20,750,183 \u2013 \u2013 \u2013 \u2013 \u2013 Options granted 549,310 \u2013 \u2013 \u2013 2,667,232 \u2013 29,349,661 \u2013 534,125 \u2013 Options forfeited \u2013 \u2013 \u2013 \u2013 (3,918,756) \u2013 \u2013 \u2013 \u2013 \u2013 Options exercised \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Options expired \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Outstanding as at 1 February 2025 602,535 \u2013 980,100 \u2013 19,498,659 \u2013 29,349,661 \u2013 534,125 \u2013 Exercise price (pence) \u2013 \u2013 \u2013 \u2013 \u2013 Exercisable at 1 February 2025 \u2013 \u2013 \u2013 \u2013 \u2013 Weighted average remaining contractual (1)life (years)0.4 \u2013 1.8 2.8 1.3Range of exercise price \u2013 \u2013 \u2013 \u2013 \u2013(1) Contractual life represents the period from award to the vesting date. Certain schemes may be exercised later than the vesting date at the discretion of the individual.53 week period ended 3\ue64aFebruary 2024Long-TermLong-Term Long-Term Incentive Plan (2021)Incentive Plan (2022)Incentive Plan (2023)Options WAEP (\u00a3) Options WAEP (\u00a3) Options WAEP (\u00a3)Outstanding as at 28 January 2023 53,225 \u2013 \u2013 \u2013 \u2013 \u2013Options granted \u2013 \u2013 980,100 \u2013 20,750,183 \u2013Options forfeited \u2013 \u2013 \u2013 \u2013 \u2013 \u2013Options exercised \u2013 \u2013 \u2013 \u2013 \u2013 \u2013Options expired \u2013 \u2013 \u2013 \u2013 \u2013 \u2013Outstanding as at 3 February 2024 53,225 \u2013 980,100 \u2013 20,750,183 \u2013Exercise price (pence) \u2013 \u2013 \u2013 \u2013 \u2013 \u2013Exercisable at 3 February 2024 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013Long-TermLong-Term Long-Term Incentive Plan Incentive Plan (2021)Incentive Plan (2022)(2023)(1)Weighted average remaining contractual life (years)2.6 3.6 2.5(1) Contractual life represents the period from award to the vesting date. Certain schemes may be exercised later than the vesting date at the discretion of the individual.The number and weighted average fair value (\u2018WAFV\u2019) of share awards granted during the financial year were:52 week period ended 53 week period ended 1\ue650February 20253\ue655February 2024(1)(2)(1)(2)Number of shares WAFV (pence) Number of shares WAFV (pence)Long-Term Incentive Plan (2021) 549,310 126.9 53,225 113.0Long-Term Incentive Plan (2022) \u2013 \u2013 980,100 129.0Long-Term Incentive Plan (2023) - equity-settled 2,667,232 126.9 20,750,183 129.0Long-Term Incentive Plan (2024) 29,349,661 131.7 \u2013 \u2013Deferred Bonus Plan 534,125 124.4 \u2013 \u2013(1)Buyout awards38,008 134.5 541,183 140.7(1) Buy-out awards granted to selected Executives during the year. Further details of these are set out below.(2) The weighted average fair value (\u2018WAFV\u2019) price is calculated as the share price at the grant date less dividends foregone over the expected life of the award.Buy-out awardsSelected executives were granted buyout awards during the year in respect of awards forfeited from their previous employer on commencement of employment with the Group. Buy-out awards are typically structured as restricted shares such that a proportion of\ue655the overall award is used to settle the tax and social security due on the award, with the net number of restricted shares subject to\ue655continued employment over a specified period. These restrictions fall away evenly over the service period and therefore the share-based payment expense has been spread over the service period.No share-based awards were modified during the financial year.During the period ended 1 February 2025, buy-out awards were issued to key management personnel with a gross value of \u00a30.09 million (period ended 3 February 2024: gross value of \u00a31.2m). Cash Settled AwardsThe number of cash-settled awards granted during the financial year were:52 weeks ending53 week period ended 1 February 20253\ue655February 2024Number of shares Number of sharesLong-Term Incentive Plan (2023) - cash-settled 641,925 3,276,854",
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"f1__s9__6__38-1": {
"value": "5. Remuneration of DirectorsFull disclosure of the Directors\u2019 remuneration is given in the Directors\u2019 Remuneration Report on\ue655pages 114 to 139.52 weeks to 53 weeks to 1 February 3 February 2025 2024 \u00a3m\u00a3mDirectors' emoluments:As Non-Executive Directors 1 1 As Executive Directors 3 3 Pension contributions \u2013 \u2013 4 4 During the period, there were no Directors (2024: one) within the defined contribution pension scheme. Additional information in relation to the remuneration of key management personnel can be found in Note 36.36. Related Party Transactions and BalancesTransactions and balances with each category of related parties during the period are shown below. Outstanding balances are unsecured (unless otherwise\ue655stated) and will be settled in cash.Transactions with Related Parties who are not Members of the GroupPentland Group LimitedDuring the financial period, Pentland Group Limited (Pentland) and its subsidiaries owned 51.6% (2024: 51.6%) of the issued ordinary share capital of JD Sports Fashion Plc. The Group made purchases of inventory from Pentland in the period and the Group also sold inventory to Pentland. The Group also paid royalty costs to Pentland Group Limited for the use of\ue655brands. During the period, the Group entered into the following transactions with Pentland:ExpenditureIncome fromExpenditure with Income fromwith relatedrelated parties related parties related parties parties 2025202520242024\u00a3m\u00a3m\u00a3m\u00a3mPurchase of inventory \u2013 (35) \u2013 (32) Royalty costs \u2013 (3) \u2013 (5) Dividends \u2013 (25) \u2013 (26) At the end of the period, the following balances were outstanding with Pentland:Amounts owed by Amounts owed to Amounts owed by Amounts owed to related parties related parties related parties related parties 2025 2025 2024 2024 \u00a3m\u00a3m\u00a3m\u00a3mTrade receivables/(payables) \u2013 \u2013 \u2013 (1) Montirex LimitedTo ensure transparency the Group voluntarily discloses transactions with Montirex whose Chairman is also a member of the JD Sports Board.During the period, the Group entered into the following transactions with Montirex:ExpenditureIncome fromExpenditure with Income fromwith relatedrelated parties related parties related parties parties 2025202520242024\u00a3m\u00a3m\u00a3m\u00a3mPurchase of inventory \u2013 (45) \u2013 (12) At the end of the period, the following balances were outstanding with Montirex:Amounts owed by Amounts owed to Amounts owed by Amounts owed to related parties related parties related parties related parties 2025 2025 2024 2024 \u00a3m\u00a3m\u00a3m\u00a3mTrade receivables/(payables) \u2013 (1) \u2013 \u2013 Associates and Joint VenturesDuring the period, the Group entered into the following transactions with its associates and joint ventures:ExpenditureIncome fromExpenditure with Income fromwith relatedrelated parties related parties related parties parties 2025 2025 2024 2024 \u00a3m\u00a3m\u00a3m\u00a3mPurchase of inventory \u2013 (2) \u2013 (3) Recharge of expenses 2 \u2013 2 \u2013 Associates and Joint Ventures continuedAt the end of the period, the Group had the following balances outstanding with its associates and joint ventures:Amounts owed by Amounts owed to Amounts owed by Amounts owed to related parties related parties related parties related parties 2025 2025 2024 2024 \u00a3m\u00a3m\u00a3m\u00a3mTrade receivables 4 \u2013 4 \u2013 Loans receivable in less than 1 year \u2013 \u2013 \u2013 \u2013 Loans receivable in more than 1 year 9 \u2013 \u2013 \u2013 Trade payables \u2013 \u2013 \u2013 \u2013 Other receivables from associates and joint ventures relate to costs incurred by the Group on behalf of these entities, which have then\ue655been recharged. The loan receivable in more than one year of \u00a39 million (2024: \u00a3Nil) is presented within other receivables within non-current assets.In addition to the above transactions a number of non-controlling interest buyout transactions occurred in the course of the financial period, as disclosed in Note 11.Transactions with Key Management PersonnelMembers of the Board of Directors and Executive Committee of JD Sports Fashion Plc are deemed to be key management personnel. The Executive Committee are comprised Heads of Centres of Excellence and Heads of Business Units as outlined on pages 92 to 93.At 1 February At 3 February 20252024Number of key management personnel:Board of Directors (including Non-executive Directors) 12 13 Executive Committee (members not on the Board of Directors) 11 11 During the period, the Group entered into the following transactions with its key management personnel:ExpenditureIncome fromExpenditure with Income fromwith relatedrelated parties related parties related parties parties 2025 2025 2024 2024 \u00a3m\u00a3m\u00a3m\u00a3mPurchase of non-controlling interest \u2013 (5) \u2013 \u2013 Property rental \u2013 (10) \u2013 (11) Purchase of non-controlling interest relates to acquisition of 2.5% minority shareholding in JD Sports Gyms Limited held by a member of key management personnel. See Note 11 for more information. At the end of the period, the Group had the following balances outstanding with its key management personnel:Amounts owed by Amounts owed to Amounts owed by Amounts owed to related parties related parties related parties related parties 2025 2025 2024 2024 \u00a3m\u00a3m\u00a3m\u00a3mTrade receivables/(payables) 1 (2) \u2013 (1) Lease liabilities relating to rented properties \u2013 (62) \u2013 (64) Cost of key management personnel compensation for the financial year is as follows: 20252024\u00a3m\u00a3mSalaries and short-term benefits 11 13 Attributable to:Board of Directors (including Non-executive Directors) 4 5 Executive Committee (members not on the Board of Directors) 7 8 11 13 The JD and Finish Line FoundationsThe Group operates two foundations that receive their income from, but independently of, JD Sports Fashion Plc: The JD Foundation and The\ue655Finish Line Foundation. The JD Foundation is dependent on all\ue655income net of VAT arising from the sale of single-use carrier bags in\ue655JD\ue655stores in England, Scotland, Wales, Northern Ireland and\ue655other European countries, as well as micro-donations from customers at\ue655the store point of sale and colleague donations and\ue655fundraising. The Finish Line Foundation is dependant on income from micro-donations from JD Sports and Finish Line customers at the point of sale, colleague\u2019s donations and fundraising from JD Sports and Finish Line\u2019s vendors. During the period, the Group entered into the following transactions with the JD and Finish Line Foundations:ExpenditureIncome fromExpenditure with Income fromwith relatedrelated parties related parties related parties parties 2025202520242024\u00a3m\u00a3m\u00a3m\u00a3mDonations \u2013 (5) \u2013 (3)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:213800HROV6Y9MUU8375",
"period": "2024-02-03T00:00:00/2025-02-02T00:00:00"
}
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"f1__s9__6__43": {
"value": "6. Staff Numbers and CostsThe average number of persons employed by the Group (including Directors) during the period, analysed by category, was\ue655as\ue655follows:52 weeks to 53 weeks to 1 February 3 February 2025 2024 NumberNumberSales and distribution 85,023 75,491Administration 5,341 4,226Total average staff employed 90,364 79,717Full-time equivalents 59,756 53,499The aggregate payroll costs of these persons is charged to selling and distribution expenses and administrative expenses lines in the Consolidated Income Statement and is split as follows:52 weeks to 53 weeks to 1 February 3 February 2025 2024 \u00a3m\u00a3mWages and salaries 1,506 1,353 Social security costs 184 152 Pension costs 27 24 Share-based payments 1 3 Other employed staff costs 27 20 1,745 1,552 See Note 33 for details of the share-based payments made in the period.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800HROV6Y9MUU8375",
"period": "2024-02-03T00:00:00/2025-02-02T00:00:00"
}
},
"f1__s9__6__42": {
"value": "6. Staff Numbers and CostsThe average number of persons employed by the Group (including Directors) during the period, analysed by category, was\ue655as\ue655follows:52 weeks to 53 weeks to 1 February 3 February 2025 2024 NumberNumberSales and distribution 85,023 75,491Administration 5,341 4,226Total average staff employed 90,364 79,717Full-time equivalents 59,756 53,499The aggregate payroll costs of these persons is charged to selling and distribution expenses and administrative expenses lines in the Consolidated Income Statement and is split as follows:52 weeks to 53 weeks to 1 February 3 February 2025 2024 \u00a3m\u00a3mWages and salaries 1,506 1,353 Social security costs 184 152 Pension costs 27 24 Share-based payments 1 3 Other employed staff costs 27 20 1,745 1,552 See Note 33 for details of the share-based payments made in the period.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesExplanatory",
"language": "en",
"entity": "scheme:213800HROV6Y9MUU8375",
"period": "2024-02-03T00:00:00/2025-02-02T00:00:00"
}
},
"f1__s9__6__41-1": {
"value": "6. Staff Numbers and CostsThe average number of persons employed by the Group (including Directors) during the period, analysed by category, was\ue655as\ue655follows:52 weeks to 53 weeks to 1 February 3 February 2025 2024 NumberNumberSales and distribution 85,023 75,491Administration 5,341 4,226Total average staff employed 90,364 79,717Full-time equivalents 59,756 53,499The aggregate payroll costs of these persons is charged to selling and distribution expenses and administrative expenses lines in the Consolidated Income Statement and is split as follows:52 weeks to 53 weeks to 1 February 3 February 2025 2024 \u00a3m\u00a3mWages and salaries 1,506 1,353 Social security costs 184 152 Pension costs 27 24 Share-based payments 1 3 Other employed staff costs 27 20 1,745 1,552 See Note 33 for details of the share-based payments made in the period.32. Pension SchemesThe Group operates defined contribution pension schemes, the assets of which are held separately from those of the Group in independently administered funds. Obligations for contributions to the defined contribution schemes are recognised as an\ue655expense in\ue655the Consolidated Income Statement when incurred.The pension charge for the period represents contributions payable by the Group of \u00a327 million (2024: \u00a323 million) in\ue655respect\ue655of employees. Disclosure of the pension contributions payable in respect of the Directors is included in the Directors\u2019 Remuneration Report on pages 114 to 139. The amount owed to the schemes at the period end was \u00a39 million (2024: \u00a37 million).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:213800HROV6Y9MUU8375",
"period": "2024-02-03T00:00:00/2025-02-02T00:00:00"
}
},
"f1__s9__6__46": {
"value": "7. Finance Income Finance income is recognised in the Consolidated Income Statement on an effective interest method.52 weeks to 53 weeks to 1 February 3 February 2025 2024 \u00a3m\u00a3mBank interest 26 36 Other Interest 1 3 Finance income 27 39",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:213800HROV6Y9MUU8375",
"period": "2024-02-03T00:00:00/2025-02-02T00:00:00"
}
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"f1__s9__6__45-1": {
"value": "7. Finance Income Finance income is recognised in the Consolidated Income Statement on an effective interest method.52 weeks to 53 weeks to 1 February 3 February 2025 2024 \u00a3m\u00a3mBank interest 26 36 Other Interest 1 3 Finance income 27 398. Finance ExpensesFinance expenses comprise of interest payable on interest-bearing loans and borrowings and lease liabilities. The interest expense on borrowings is recognised using the effective interest method. The interest expense on lease liabilities is recognised over the lease periods so as to produce constant periodic rates of interest on the remaining balances of the liabilities.52 weeks to 53 weeks to 1 February 3 February 2025 2024 Note\u00a3m\u00a3mOn bank loans and overdrafts 33 8 Amortisation of facility fees 1 2 Interest on lease liabilities 16 84 Movement in the present value of the put and call options (adjusting items) 4 62 (6) Other interest 7 8 Finance expenses 215 96",
"dimensions": {
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"language": "en",
"entity": "scheme:213800HROV6Y9MUU8375",
"period": "2024-02-03T00:00:00/2025-02-02T00:00:00"
}
},
"f1__s9__6__49": {
"value": "8. Finance ExpensesFinance expenses comprise of interest payable on interest-bearing loans and borrowings and lease liabilities. The interest expense on borrowings is recognised using the effective interest method. The interest expense on lease liabilities is recognised over the lease periods so as to produce constant periodic rates of interest on the remaining balances of the liabilities.52 weeks to 53 weeks to 1 February 3 February 2025 2024 Note\u00a3m\u00a3mOn bank loans and overdrafts 33 8 Amortisation of facility fees 1 2 Interest on lease liabilities 16 84 Movement in the present value of the put and call options (adjusting items) 4 62 (6) Other interest 7 8 Finance expenses 215 96",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:213800HROV6Y9MUU8375",
"period": "2024-02-03T00:00:00/2025-02-02T00:00:00"
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"f1__s9__6__51-1": {
"value": "9. Income Tax ExpenseThe total tax charge included in the Consolidated Income Statement consists of current and deferred tax. Current Income Tax Current tax is the expected tax payable on taxable income for the financial period, using the applicable enacted tax rates in each relevant jurisdiction. Tax expense is recognised in the Consolidated Income Statement except to the extent it relates to items recognised in the Consolidated Statement of Comprehensive Income or directly in the Consolidated Statement of Changes in Equity, in which case it is recognised in the relevant statement, respectively. Deferred TaxDeferred tax is accounted for using the balance sheet liability method, by providing for temporary differences that arise between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The following temporary differences are not provided for:\u2013 Goodwill not deductible for tax purposes.\u2013 The initial recognition of assets or liabilities that affect neither accounting nor taxable profit.\u2013 Differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future.Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset realised, based on the tax rates that have been enacted or substantively enacted by the balance sheet date. Deferred tax is charged or credited in the Consolidated Income Statement, except when it relates to items charged or credited directly to the Consolidated Statement of Changes in Equity or the Consolidated Statement of Comprehensive Income, in which case the deferred tax is recognised in the relevant statement, respectively. Deferred tax assets are reviewed at each reporting date. In considering their recoverability, the Group assesses the likelihood of them being recovered within a reasonably foreseeable timeframe and considers the future expected profit profile and business model of each\ue655relevant company or country, together with any legislative restrictions on use. This approach is consistent with that adopted for the assessment of other financial statement items, with the recognition period based on the appropriate jurisdictional tax rules. The estimates take account of the inherent uncertainties constraining the expected level of profit in some territories and any associated climate-related risks identified on page 57. Deferred tax assets and liabilities are offset against each other when there is a legally enforceable right to offset current taxation assets against current taxation liabilities and the intention is to settle these on a net basis. Tax provisions are recognised for uncertain tax positions where a risk of an additional tax liability has been identified and it is probable that the Group will be required to settle that tax. Measurement is dependent on management\u2019s expectation of the outcome of decisions by tax authorities in the various tax jurisdictions in which the Group operates. This is assessed on a case-by-case basis using in-house tax experts, professional advisers and previous experience. Pillar Two Model RulesThe OECD Pillar Two GloBE Rules (Pillar Two) introduce a global minimum corporation tax rate of 15% applicable to multinational enterprise groups with global revenue over \u20ac750m. All participating OECD members are required to incorporate these rules into national legislation. The Pillar Two rules applied to the Group for its accounting period commencing 4 February 2024. On 23 May 2023, the International Accounting Standards Board (IASB) amended IAS 12 to introduce a mandatory temporary exception to the accounting for deferred taxes arising from the jurisdictional implementation of the Pillar Two model rules. On 19 July 2023 the UK\ue655Endorsement Board adopted the IASB amendments to IAS 12.The definition of a \u2018Group\u2019 requires the impact of Pillar Two to be calculated in conjunction with that of Pentland Group Holdings Limited and its subsidiaries (\u2018the Pentland Group\u2019). The Group is working with the Pentland Group to ensure it will be compliant. The Group has performed an assessment of its exposure to Pillar Two income taxes and the Pillar Two current tax charge for the period ended 1 February 2025 is approximately \u00a30.3m (this excludes any liability of the wider Pentland Group). The Group is adopting the mandatory temporary exception from the recognition and disclosure of deferred taxes arising from the jurisdictional implementation of the Pillar Two model rules.The Group does not meet the threshold for application of the Pillar One transfer pricing rules.52 weeks to 53 weeks to 1 February 3 February 2025 2024 \u00a3m\u00a3mCurrent taxUK corporation tax at 25.0% (2024: 24.0%) 213 222 Adjustment relating to prior periods (17) (6) Total current tax charge 196 216 Deferred taxDeferred tax (origination and reversal of temporary differences) (23) (3) Adjustment relating to prior periods 2 (7) Total deferred tax (credit)/charge (21) (10) Income tax expense 175 206 52 weeks to 53 weeks to 1 February 3 February 2025 2024 \u00a3m\u00a3m(1)Profit before tax multiplied by the standard rate of corporation tax 25.0% (2024: 24.0%) 179 195 Effects of:(2)Expenses not deductible 15 31 (3)Put and call option movement not deductible 16 (3) (4)Depreciation and impairment of non-qualifying non-current assets 3 2 (5)Utilisation of previously unrecognised tax losses \u2014 (1) (6)Non-taxable income (23) (21) (7)Effect of tax rates in foreign jurisdictions (14) (10) (8)Research and development tax credits and other allowances (5) (5) (9)Adjustments related to prior periods (15) (13) (10)Other differences in tax rate \u2014 1 (11)Non-qualifying impairment of goodwill on consolidation \u2014 2 (12)Change in unrecognised temporary differences 4 13 (13)Other taxes due 15 15 Income tax expense 175 206 (1) The standard rate of corporation tax for the period is 25%, the UK mainstream tax rate. (2) Certain legal and professional fees, together with the losses incurred on the divestment of non-core businesses in the current period, are not deductible for\ue655tax\ue655purposes. (3) The movements in the put and call options per Note 25b are not deductible for tax.(4) The depreciation adjustment relates to UK assets which are not eligible for capital allowances.(5) Following a return to profitability of certain Group subsidiaries in the prior period, brought forward losses were utilised and a deferred tax asset recognised in\ue655respect of any remaining losses.(6) Non-taxable gain on the sale of shares in associates.(7) A proportion of the Group\u2019s profits arise outside of the UK and are taxed at the prevailing tax rate.(8) R&D and general business tax credits have been claimed in the US and Spain.(9) The prior period adjustment reflects net current and deferred tax movements between Group reporting provisions and submitted returns.(10) The adjustment reflects the difference between the deferred tax rate and corporate income tax rate.(11) The impairment of goodwill on consolidation and investments in associates are non-deductible for corporate income tax purposes and does not attract deferred\ue655tax. (12) The adjustment represents losses created in the period for which no deferred tax asset has been recognised, due to a lack of certainty over future taxable profits arising (see\ue655Note 27).(13) Other taxes due are primarily in respect of US state taxes but also includes local taxes payable in other overseas jurisdictions. In the current period, this includes \u00a30.3m of top up tax under the OECD Pillar Two GloBE Rules relating to operations in Ireland and Hungary.27. Deferred Tax Assets and LiabilitiesDeferred tax assets and liabilities are attributable to the following:Assets Assets Liabilities Liabilities Net Net 2025 2024 2025 2024 2025 2024 \u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mProperty, plant and equipment 5 4 (89) (69) (84) (65) Employee benefits 13 12 \u2013 \u2013 13 12 Property 33 32 \u2013 (1) 33 31 Specific trade provisions 15 9 \u2013 \u2013 15 9 Losses 15 10 \u2013 \u2013 15 10 Fascia names \u2013 \u2013 (120) (66) (120) (66) Other 5 4 \u2013 (1) 5 3 Tax assets/(liabilities) 86 71 (209) (137) (123) (66) In accordance with IAS 12, UK deferred tax has been recognised at the enacted rate of 25% at the balance sheet date. Deferred tax is recognised at the local enacted rate for overseas territories.The table above shows the split of the deferred tax balance by category. The Consolidated Statement of Financial Position shows the\ue655position after the legally enforceable right of offset. This results in an asset of \u00a332 million (2024: \u00a324 million) and a liability of \u00a3155 million (2024: net liability \u00a390 million) in the Consolidated Statement of Financial Position. This reflects the net position of \u00a3123 million liability (2024: \u00a366 million liability) shown in the table above. Movement in deferred tax during the period:Employee Specific trade Fascia PPEbenefits Propertyprovisions Lossesnames Other TotalBalance as at 28 January 2023 (56) 13 31 12 5 (85) 3 (77) Reclassification 1 \u2013 (1) \u2013 \u2013 \u2013 \u2013 \u2013 Disposed during the period \u2013 \u2013 \u2013 \u2013 \u2013 1 \u2013 1 Recognised in income statement (11) (1) 2 (2) 5 17 \u2013 10 Foreign exchange movement 1 \u2013 \u2013 (2) \u2013 1 \u2013 \u2013 Balance as at 3 February 2024 (65) 12 32 8 10 (66) 3 (66) Acquired/disposed during the period (25) 12 (7) 4 3 (66) 1 (78) Recognised in income statement 6 (12) 9 3 2 13 \u2013 21 Foreign exchange movement \u2013 1 (1) \u2013 \u2013 (1) 1 \u2013 Balance as at 1 February 2025 (84) 13 33 15 15 (120) 5 (123) As at 1\ue655February 2025, the Group had not recognised deferred income tax liability (2024: \u00a3Nil) in respect of taxes that would be payable on the unremitted earnings of certain overseas subsidiaries. At this date, the unrecognised gross temporary differences in\ue655respect of overseas subsidiaries was \u00a31,698 million (2024: \u00a31,344 million). Deferred tax is not provided on these differences as: i) No withholding tax is due under domestic tax legislation or the relevant tax treaty with the UK; orii) Withholding tax is recoverable in the UK; and/oriii) Management has the ability to control any future reversal and does not consider such a reversal to be probable.Unrecognised Deferred Tax AssetsIn line with its accounting policy, deferred tax assets have not been recognised on gross temporary differences of \u00a371 million (2024:\u00a393 million) as there is uncertainty over the timing of their utilisation. Additional information in relation to unrecognised deferred tax is shown in the table below. Gross Tax Gross Tax Amount Effect Amount Effect 2025 2025 20242024Property, plant and equipment 6 2 7 2 Property 15 5 1 \u2013 Specific trade provisions \u2013 \u2013 2 \u2013 Losses 50 12 83 21 Tax assets 71 19 93 23 Tax Losses Carried Forward To assess the recoverability of potential deferred tax assets arising on carry forward tax losses, both the historic profitability of the entity and the forecast financial performance for the next financial year are reviewed. Consideration is given to the reasons behind the historic losses, i.e. whether they arose due to one-off events, or longer-term factors, such as initial organic growth in a new jurisdiction.Where forecasts reflect a return to profitability, the key drivers are challenged and assessed. If there is sufficient evidence that it is \u2018more likely than not\u2019 that future taxable profits will exist against which unused tax losses may be offset, a deferred tax asset will be recognised.The Group has recognised deferred tax assets on gross losses of \u00a347 million (2024: \u00a340 million) as outlined in the table below. 2025 2024 \u00a3m\u00a3mRecognised tax lossesGross Amount Tax effect Gross Amount Tax effectTax losses expiring:Within 10 years 5 1 \u2013 \u2013 More than 10 years 4 1 1 \u2013 Available indefinitely 38 10 39 10 Total 47 12 40 10 2025 2024 Recognised tax losses (gross)\u00a3m\u00a3mJD Sports Fashion Europe Holdings Limited 13 \u2013 Iberian Sports Retail Group SL 11 15 Sprinter Megacentros Del Deporte SLU 7 11 JD Sports Fashion BV 4 8 Swim Sports Company Limited \u2013 5 JDSF Retail (Canada) Inc 4 \u2013 Marketing Investment Group S.A. 5 \u2013 Courir France SAS 2 \u2013 Other 1 1 Total 47 40 In line with its accounting policy, deferred tax assets have not been recognised on gross losses of \u00a350 million (2024: \u00a384 million) as there is uncertainty over the timing of their utilisation. These losses are outlined in the table below. 2025 2024 \u00a3m\u00a3mUnrecognised tax lossesGross Amount Tax effect Gross Amount Tax effectTax losses expiring:Within 10 years 5 1 22 5 More than 10 years 11 3 16 4 Available indefinitely 34 8 46 12 Total 50 12 84 21 Unrecognised tax losses (gross) 2025 2024 \u00a3m\u00a3mJD Sports Fashion Germany B.V. & Co. KG \u2013 10 JD Size GmbH 7 6 JD Sports Fashion AT GmbH 9 8 JD Sports Fashion Sweden AB 13 11 JD Sports Fashion Korea Inc \u2013 18 JDSF Retail (Canada) Inc 9 16 JD Sports Fashion Finland OY 3 3 Tiso Group Limited and its subsidiaries 2 3 Total Swimming Holdings Limited and its subsidiaries \u2013 4 Other 7 5 Total 50 84",
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"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:213800HROV6Y9MUU8375",
"period": "2024-02-03T00:00:00/2025-02-02T00:00:00"
}
},
"f1__s9__6__50": {
"value": "9. Income Tax ExpenseThe total tax charge included in the Consolidated Income Statement consists of current and deferred tax. Current Income Tax Current tax is the expected tax payable on taxable income for the financial period, using the applicable enacted tax rates in each relevant jurisdiction. Tax expense is recognised in the Consolidated Income Statement except to the extent it relates to items recognised in the Consolidated Statement of Comprehensive Income or directly in the Consolidated Statement of Changes in Equity, in which case it is recognised in the relevant statement, respectively. Deferred TaxDeferred tax is accounted for using the balance sheet liability method, by providing for temporary differences that arise between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The following temporary differences are not provided for:\u2013 Goodwill not deductible for tax purposes.\u2013 The initial recognition of assets or liabilities that affect neither accounting nor taxable profit.\u2013 Differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future.Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset realised, based on the tax rates that have been enacted or substantively enacted by the balance sheet date. Deferred tax is charged or credited in the Consolidated Income Statement, except when it relates to items charged or credited directly to the Consolidated Statement of Changes in Equity or the Consolidated Statement of Comprehensive Income, in which case the deferred tax is recognised in the relevant statement, respectively. Deferred tax assets are reviewed at each reporting date. In considering their recoverability, the Group assesses the likelihood of them being recovered within a reasonably foreseeable timeframe and considers the future expected profit profile and business model of each\ue655relevant company or country, together with any legislative restrictions on use. This approach is consistent with that adopted for the assessment of other financial statement items, with the recognition period based on the appropriate jurisdictional tax rules. The estimates take account of the inherent uncertainties constraining the expected level of profit in some territories and any associated climate-related risks identified on page 57. Deferred tax assets and liabilities are offset against each other when there is a legally enforceable right to offset current taxation assets against current taxation liabilities and the intention is to settle these on a net basis. Tax provisions are recognised for uncertain tax positions where a risk of an additional tax liability has been identified and it is probable that the Group will be required to settle that tax. Measurement is dependent on management\u2019s expectation of the outcome of decisions by tax authorities in the various tax jurisdictions in which the Group operates. This is assessed on a case-by-case basis using in-house tax experts, professional advisers and previous experience. Pillar Two Model RulesThe OECD Pillar Two GloBE Rules (Pillar Two) introduce a global minimum corporation tax rate of 15% applicable to multinational enterprise groups with global revenue over \u20ac750m. All participating OECD members are required to incorporate these rules into national legislation. The Pillar Two rules applied to the Group for its accounting period commencing 4 February 2024. On 23 May 2023, the International Accounting Standards Board (IASB) amended IAS 12 to introduce a mandatory temporary exception to the accounting for deferred taxes arising from the jurisdictional implementation of the Pillar Two model rules. On 19 July 2023 the UK\ue655Endorsement Board adopted the IASB amendments to IAS 12.The definition of a \u2018Group\u2019 requires the impact of Pillar Two to be calculated in conjunction with that of Pentland Group Holdings Limited and its subsidiaries (\u2018the Pentland Group\u2019). The Group is working with the Pentland Group to ensure it will be compliant. The Group has performed an assessment of its exposure to Pillar Two income taxes and the Pillar Two current tax charge for the period ended 1 February 2025 is approximately \u00a30.3m (this excludes any liability of the wider Pentland Group). The Group is adopting the mandatory temporary exception from the recognition and disclosure of deferred taxes arising from the jurisdictional implementation of the Pillar Two model rules.The Group does not meet the threshold for application of the Pillar One transfer pricing rules.52 weeks to 53 weeks to 1 February 3 February 2025 2024 \u00a3m\u00a3mCurrent taxUK corporation tax at 25.0% (2024: 24.0%) 213 222 Adjustment relating to prior periods (17) (6) Total current tax charge 196 216 Deferred taxDeferred tax (origination and reversal of temporary differences) (23) (3) Adjustment relating to prior periods 2 (7) Total deferred tax (credit)/charge (21) (10) Income tax expense 175 206 52 weeks to 53 weeks to 1 February 3 February 2025 2024 \u00a3m\u00a3m(1)Profit before tax multiplied by the standard rate of corporation tax 25.0% (2024: 24.0%) 179 195 Effects of:(2)Expenses not deductible 15 31 (3)Put and call option movement not deductible 16 (3) (4)Depreciation and impairment of non-qualifying non-current assets 3 2 (5)Utilisation of previously unrecognised tax losses \u2014 (1) (6)Non-taxable income (23) (21) (7)Effect of tax rates in foreign jurisdictions (14) (10) (8)Research and development tax credits and other allowances (5) (5) (9)Adjustments related to prior periods (15) (13) (10)Other differences in tax rate \u2014 1 (11)Non-qualifying impairment of goodwill on consolidation \u2014 2 (12)Change in unrecognised temporary differences 4 13 (13)Other taxes due 15 15 Income tax expense 175 206 (1) The standard rate of corporation tax for the period is 25%, the UK mainstream tax rate. (2) Certain legal and professional fees, together with the losses incurred on the divestment of non-core businesses in the current period, are not deductible for\ue655tax\ue655purposes. (3) The movements in the put and call options per Note 25b are not deductible for tax.(4) The depreciation adjustment relates to UK assets which are not eligible for capital allowances.(5) Following a return to profitability of certain Group subsidiaries in the prior period, brought forward losses were utilised and a deferred tax asset recognised in\ue655respect of any remaining losses.(6) Non-taxable gain on the sale of shares in associates.(7) A proportion of the Group\u2019s profits arise outside of the UK and are taxed at the prevailing tax rate.(8) R&D and general business tax credits have been claimed in the US and Spain.(9) The prior period adjustment reflects net current and deferred tax movements between Group reporting provisions and submitted returns.(10) The adjustment reflects the difference between the deferred tax rate and corporate income tax rate.(11) The impairment of goodwill on consolidation and investments in associates are non-deductible for corporate income tax purposes and does not attract deferred\ue655tax. (12) The adjustment represents losses created in the period for which no deferred tax asset has been recognised, due to a lack of certainty over future taxable profits arising (see\ue655Note 27).(13) Other taxes due are primarily in respect of US state taxes but also includes local taxes payable in other overseas jurisdictions. In the current period, this includes \u00a30.3m of top up tax under the OECD Pillar Two GloBE Rules relating to operations in Ireland and Hungary.",
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"value": "10. Earnings Per Ordinary ShareBasic and Adjusted Earnings Per Ordinary ShareThe calculation of basic earnings per ordinary share at 1\ue655February 2025 is based on the profit for the period attributable to equity holders of the parent of \u00a3490 million (2024: \u00a3539 million) and a weighted average number of ordinary shares outstanding during the 52 week period ended 1\ue655February 2025 of 5,159,697,637 (2024: 5,158,135,745). There have been no other transactions involving ordinary shares or potential ordinary shares in the period. Adjusted basic earnings per ordinary share have been based on the profit for the period attributable to equity holders of the parent for each financial period but excluding the post-tax effect of adjusting items. The Directors consider that this gives a\ue655more useful measure of the trading performance and profitability of the Group.52 weeks to 53 weeks to 1 February 3 February 2025 2024 millionsmillionsIssued ordinary shares at beginning and end of period 5,183 5,183 (1)Restated52 weeks to 53 weeks to 1 February 3 February 2025 2024 \u00a3m\u00a3mProfit for the period attributable to equity holders of the parent 490 539 (1)(2)Adjusting items attributable to equity holders of the parent 194 149 (1)Tax relating to adjusting items attributable to equity holders of the parent (45) (29) Profit for the period attributable to equity holders of the parent excluding adjusting items 639 659 millions millionsWeighted average number of ordinary shares at end of the period (basic) 5,160 5,158 Dilution - Effect of potentially dilutive share options and awards \u2013 \u2013 Weighted average number of ordinary shares at the end of the period (diluted) 5,160 5,158 Basic earnings per ordinary share 9.50p 10.45p Diluted earnings per ordinary share 9.50p 10.45p (1) Adjusted basic earnings per ordinary share - restated 12.39p 12.81p (1)Adjusted diluted earnings per ordinary share - restated 12.39p 12.81p (1) See Note 4 for further details of the restatement.(2) Adjusting items and associated tax attributable to the equity holders of the parent only.",
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"f1__s9__6__53-1": {
"value": "11. AcquisitionsBusiness CombinationsThe Group accounts for business combinations using the acquisition method when control is transferred to the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect\ue655the returns through its power over the entity.Costs related to the acquisition, other than those associated with the issue of debt or equity securities, that the Group incurs in connection with a business combination are expensed within adjusting items as incurred.The consideration transferred in the acquisition is measured at fair value, as are the identifiable net assets acquired. Any goodwill that arises is tested annually for impairment; however, any resulting impairment will not be tax deductible. The consideration transferred does not include amounts related to the settlement of pre-existing relationships. Such amounts are generally recognised in the Consolidated Income Statement.Any contingent consideration is measured at fair value at the date of acquisition. If an obligation to pay contingent consideration that\ue655meets the definition of a financial instrument is classified as equity, then it is not remeasured, and the settlement is accounted for\ue655within equity. Otherwise, subsequent changes in the fair value of the contingent consideration are recognised in the Consolidated Income Statement.The valuation techniques used for measuring the fair value of material assets acquired are as follows:\u2013 Intangible assets (computer software) \u2013 The cost approach is used which reflects the amount that would be required to currently replace the service capacity of an asset (often referred to as current replacement cost). Under the Group's accounting policy, directly\ue655attributable software development costs in relation to the configuration and customisation of cloud computing arrangements are only capitalised to the extent they give rise to an asset controlled by the Group. \u2013 Intangible assets (fascia names and brand names) \u2013 The relief from royalty method considers the discounted estimated royalty payments that are expected to be avoided as a result of the intangible assets being owned.\u2013 Inventories \u2013 The fair value is determined based on the estimated selling price in the ordinary course of business less the estimated costs of completion and sale, and a reasonable profit margin based on the effort required to sell the inventories.\u2013 Leases \u2013 A right-of-use asset and lease liability are recognised, measured as if the acquired lease were a new lease at the date of\ue655acquisition. The fair value of the acquired leases is estimated by comparing the annual rent to a normalised rent level based on a market-oriented occupancy rate. The difference is calculated over the remaining lease term and discounted at the estimated pre-tax discount rate, adjusting the value of the right-of-use asset recognised under IFRS 16 \u2018Leases\u2019. The lease liability recognised is measured at the present value of the remaining lease payments, using a discount rate determined in accordance with IFRS 16 at the date of acquisition.\u2013 Owned property \u2013 The cost approach considers the cost to replace the existing property, less accrued depreciation, plus the fair value of the land. The value of the properties is derived by adding the estimated value of the land to the cost of constructing a reproduction or replacement for the improvements and then subtracting the amount of depreciation.\u2013 Plant and equipment \u2013 The depreciated replacement cost new valuation approach is utilised, reflecting adjustments for physical deterioration as well as functional and economic obsolescence.Any excess of the cost of acquisition over the fair values of the identifiable net assets acquired is recognised as goodwill. Any deficiency of the cost of acquisition below the fair values of the identifiable net assets acquired (discount on acquisition) is credited to the consolidated income statement in the period of acquisition. Current Period AcquisitionsAcquisition of Hibbett, Inc. (100%)On 25 July 2024, the Group acquired, via its existing subsidiary Genesis Holdings, Inc., 100% of the issued share capital of Hibbett, Inc. (\u2018Hibbett\u2019) for total cash consideration of $1,077 million (\u00a3835 million). The Genesis Holdings Group has a material 20% non-controlling interest. Please refer to Note 29 for further information.Headquartered in Birmingham, Alabama, Hibbett is a leading sports fashion-inspired retailer with 1,179 stores, as of 25 July 2024, located in communities in 36 states across the US. Hibbett has been serving customers for more than 75 years with convenient locations, personalised customer service and access to leading brands across footwear, apparel and accessories. The acquisition expands on the Group\u2019s presence in the US market.As part of the acquisition method of accounting, the assets and liabilities of Hibbett have been converted from US generally accepted accounting principles (GAAP) to IFRS Accounting Standards as adopted by the Group.The table below sets out the identifiable net assets attributable to the acquisition of Hibbett as of the acquisition date and includes the effects of adjustments on the acquisition date balance sheet made during the measurement period and detailed below.Provisional fairvalue atMeasurement25 JulyBook Valueadjustments2024\u00a3m\u00a3m\u00a3mAcquiree's net assets at acquisition date:Non-Current AssetsIntangible assets - fascia name 19 156 175 Intangible assets - other 7 \u2013 7 Property, plant and equipment 140 43 183 Right of Use Assets 221 20 241 Other Assets 16 (11) 5 Current AssetsInventories 292 (2) 290 Cash and cash equivalents 24 \u2013 24 Trade and other receivables 15 (5) 10 Prepayments 16 (2) 14 Income Tax 9 \u2013 9 Current LiabilitiesTrade and other payables \u2013 current (142) (2) (144) Lease Liability - current (53) 12 (41) Interest bearing loans - current (36) \u2013 (36) Non-Current LiabilitiesTrade and other payables \u2013 non-current (3) \u2013 (3) Lease Liability - non-current (203) 8 (195) Deferred Tax Liability (4) (51) (55) Net identifiable assets 318 166 484 Goodwill on acquisition 351 Total consideration 835 The excess of consideration paid over the fair value of the net assets on acquisition of \u00a3351 million represents goodwill that reflects the market position of the business, the assembled workforce, the potential future growth opportunities from existing and new retail stores, and cost synergies across our North American businesses. The goodwill has been allocated to the Community operating segment which is in line with where the value is expected to be recovered. The goodwill is not deductible for tax purposes at the consolidated level.Measurement adjustmentsAdditional intangible assets of \u00a3156 million have been recorded in relation to the acquisition with \u00a3175 million representing the fair value of fascia names acquired. Fascia names have been valued using the relief from royalty method. The basic tenet is that without ownership of the subject intangible asset, the user of that intangible asset would have to make a stream of payments to the owner of the asset in return for the rights to use that asset. By acquiring the intangible asset, the user avoids these payments. A royalty rate of 2.5% has been used based on a comprehensive benchmarking exercise performed.Deferred tax liabilities of \u00a351 million have been recognised in relation to intangible assets. Further measurement adjustments of \u00a361 million have been made to the acquisition date balance sheet of Hibbett. This amount includes a \u00a343 million increase in the value of property, plant and equipment and a \u00a32 million reduction in the value of inventory.In addition, as noted above, lease liabilities have been remeasured as if the acquired leases were a new lease at the acquisition date resulting in a decrease in the lease liability (current and non-current) of \u00a320 million. This decrease in the liability arises due to i) the application of a discount rate determined in accordance with IFRS 16 at the acquisition date and ii) alignment with the Group\u2019s IFRS 16 accounting policy whereby charges for non-lease service components are recognised directly in the Consolidated Income Statement (see lease accounting policy in Note 16). Under its previous US\ue655GAAP accounting policy, Hibbett elected to combine non-lease service components with a lease component and account for them\ue655as part of its fixed asset payments thus including them in the measurement of the lease liability. The associated right of use asset is remeasured on acquisition at an amount equal to the recognised lease liability and then adjusted to reflect the favourable or unfavourable terms of the lease, relative to market terms. The measurement difference in relation to prepayments and other assets reflects a difference in the accounting treatment of capitalised software development costs between the accounting policies of the Group and those policies previously applied by Hibbett under US\ue655GAAP. Under US GAAP, Hibbett capitalised certain costs relating to the configuration of cloud computing arrangements. Under the Group's accounting policy, directly attributable software development costs in relation to the configuration and customisation of cloud computing arrangements are only capitalised to the extent they give rise to an asset controlled by the Group. The Group has conducted an assessment and identified \u00a39 million of costs, capitalised as other assets and prepayments under US GAAP at the date of acquisition, which would not be capitalised under IFRS. As a result, an adjustment has been made to the opening balance sheet to reduce prepayments by \u00a32 million and other assets by \u00a37 million with a corresponding increase to goodwill. The remaining \u00a34 million decrease\ue655to other assets represents a reversal of a deferred tax asset no longer recognised. The trade and other receivables acquired of \u00a310 million, net of provision, are expected to be recovered in full. The gross trade and other receivables acquired amounted to \u00a310 million. Currently all balances remain provisional and will be finalised in the next accounting period. These balances remain provisional due to outstanding relevant information in regard to facts and circumstances that existed as of the acquisition date and/or where valuation work is still being finalised. Included in the 52 week period ended 1\ue655February 2025, was revenue of \u00a3713 million and a profit before tax and adjusting items of \u00a336\ue655million in\ue655respect of Hibbett.Acquisition costs amounting to \u00a328 million related to the acquisition of Hibbett by the Group have been recognised within adjusting items in the Consolidated Income Statement. \u00a319 million of these costs are cash costs of acquisition with \u00a39 million representing non cash costs of fair value uplifts post acquisition. See Note 4 for further information.Acquisition of Groupe Courir S.A.S (100%)On 26 November 2024, the Group acquired, via its existing subsidiary JD France 100% of the issued share capital of Groupe Courir S.A.S (\u2018Courir\u2019) for total cash consideration of \u20ac391.5 million (\u00a3326 million). Courir is a market leader in sneakers in France, which is the largest sneaker market in Europe, and this acquisition reinforces the Group\u2019s\ue655position within Europe. Courir has 323 stores as of 26 November 2024, bannered as Courir across France, Spain, Belgium, the\ue655Netherlands, Portugal and Luxembourg. In addition, there are a further 36 stores which trade under franchise agreements as Courir in North West Africa, Middle East and French overseas territories. Further, there are three stores which trade as Naked, an elevated concept for women's sneakers.The table below sets out the identifiable net assets attributable to the acquisition of Courir as of the acquisition date and includes the effects of adjustments on the acquisition date balance sheet made during the measurement period and detailed below.Measurement adjustments continuedProvisional fairvalue atMeasurement26 NovemberBook Valueadjustments2024\u00a3m\u00a3m\u00a3mAcquiree's net assets at acquisition date:Non-Current AssetsIntangible assets - fascia name 49 39 88 Intangible assets - other 16 (15) 1 Legacy Goodwill 127 (127) \u2013 Property, plant and equipment 22 9 31 Right of Use Assets 156 \u2013 156 Other Non current Assets 6 \u2013 6 Current AssetsInventories 117 5 122 Trade and other receivables 18 \u2013 18 Cash and cash equivalents 52 \u2013 52 Deferred Tax Asset 5 (2) 3 Current LiabilitiesTrade and other payables \u2013 current (122) \u2013 (122) Lease liabilities - current (26) \u2013 (26) Liabilities held-for-sale (7) \u2013 (7) Non-Current LiabilitiesInterest bearing loans - non-current (184) 19 (165) Lease liabilities - non-current (125) \u2013 (125) Provision - non-current (7) \u2013 (7) Deferred Tax Liability (1) (22) (23) Net identifiable assets 96 (94) 2 Goodwill on acquisition 324 NCI - Naked \u2013 Total consideration 326 The excess of consideration paid over the fair value of the net assets on acquisition of \u00a3324 million represents goodwill that reflects the market position of the business, the assembled workforce, the potential future growth opportunities from existing and new retail stores. The goodwill is not deductible for tax purposes at the consolidated level.Measurement adjustmentsThe Courir fascia name has been valued at \u00a388 million, resulting in a \u00a339 million uplift to the book value of \u00a349 million.The measurement difference in relation to Intangible assets reflects a difference in the accounting treatment of capitalised software development costs between Courir and the Group. Capitalisation of cloud computing is judgemental. While Courir capitalised certain costs relating to the configuration of cloud computing arrangements, under the Group\u2019s accounting policy, directly attributable software development costs in relation to the configuration and customisation of cloud computing arrangements are only capitalised to the extent they give rise to an asset controlled by the Group. The Group has conducted an assessment and identified \u00a315 million of costs, capitalised previously as intangible assets at the date of acquisition, which would not be capitalised under the accounting policies followed by the group. As a result, an adjustment has been made to the opening balance sheet to reduce Intangible assets by \u00a315 million with a corresponding increase to goodwill. Further fair value adjustments of \u00a310 million have been made to the acquisition date balance sheet of Courir. This amount includes a\ue655\u00a39\ue655million increase in the value of property, plant and equipment and a \u00a35 million increase in the value of inventory. Deferred tax liabilities of \u00a322 million have been recognised in relation to the fair value adjustments set out above. In addition, as a result of the transaction, deferred tax assets of \u00a32 million are no longer considered recoverable and so have been derecognised. The gross trade and other receivables acquired amounted to \u00a318 million and are expected to be recovered in full. As a result no provision has been recorded. At the date of acquisition, liabilities held for sale amounted to \u00a37 million relating to lease liabilities on the 21 stores sold to Snipes. Trade and other payables included a liability for convertible bonds of \u00a319 million, which had been issued by Courir to its previous shareholders. As part of the consideration for the acquisition (\u00a3326 million), the group also acquired the convertible bonds and the liability was written off with a corresponding impact to goodwill.Currently all balances remain provisional and will be finalised in the next accounting period. These balances remain provisional due to outstanding relevant information in regard to facts and circumstances that existed as of the acquisition date and/or where valuation work is still being finalised. Included in the 52-week period ended February 1, 2025 was revenue of \u00a3139 million and a profit before tax and adjusting items of \u00a39\ue655million in\ue655respect of Courir. Acquisition costs amounting to \u00a315 million related to the acquisition of Courir by the Group have been recognised within adjusting items in the Consolidated Income Statement. \u00a311 million of these costs are cash costs of acquisition with \u00a34\ue655million representing non cash costs of fair value uplifts post acquisition. See Note 4 for further information.Current Period Acquisitions \u2013 Acquisition of Non-Controlling InterestsAcquisition of the Non-Controlling Interest in Sport Zone Canaries (40%) and JD Canaries (10%)On 8 April 2024, JD Spain Sports Fashion 2010 SL acquired the 10% minority shareholding in JD Canary Islands Sports SL, (\u2018JD Canary\u2019) and SDSR \u2013 Sports Division SR, S.A. (\u2018Sport Zone Portugal\u2019) acquired the 40% minority shareholding in Sport Zone Canarias (SL). Total consideration for both shareholdings was \u20ac20 million (\u00a317 million). The JD Canary acquisition aligns with the JD Brand First strategy, whilst the Sport Zone Portugal acquisition promotes the JD Complementary Concepts. As the step-up acquisition in April 2024 does not result in a change of control, this has been accounted for as an equity transaction.Acquisition of the Non-Controlling Interest in DTLR Villa LLC (1.155%)On 15 July 2024, JD acquired 1.018% of the remaining 1.155% issued share capital in its existing subsidiary DTLR Villa LLC for cash consideration of $9 million (\u00a37 million). On 19 July 2024 JD acquired the remaining 0.137% issued share capital of DTLR Villa LLC for cash consideration of $1 million (\u00a31 million). The Group now owns 100% of the issued share capital of DTLR Villa LLC. In accordance with IFRS 10, the Group had previously assessed and concluded that it controlled the subsidiary. As the step-up acquisition in July 2024 does not result in a change of control, this has been accounted for as an equity transaction.Acquisition of the Non-Controlling Interest in JD GymsOn 28 October 2024, JD Sports Fashion plc acquired a further 2.5% minority shareholding in JD Sports Gyms Limited. Total consideration was \u00a35 million. JD now owns 97.5% of JD Sports Gyms. As the step-up acquisition in October 2024 does not result in a change of control, this has been accounted for as an equity transaction. Due to the step-up acquisition, the obligation to provide services was deemed to no longer exist and the related liability of \u00a34m was subsequently derecognised in equity.Acquisition of the Non-Controlling Interest in Mainline Menswear On 27 September 2024, the Group acquired the 20% minority shareholding in Mainline Menswear Limited for a total \u00a317 million consideration, including \u00a39 million deferred consideration, which has been accounted for under IAS 19 as a service cost. JD now owns the full 100% shareholding in Mainline. Please see Held-for-sale Note 37 for further\ue655details. As the step-up acquisition in September 2024 does not result in a change of control, this has been accounted for as an equity transaction.The table below presents the amounts recognised within retained earnings and non-controlling interest in the statement of changes in equity during the period:Non-controlling Retained earningsinterestTotal\u00a3m\u00a3m\u00a3mDTLR 4 4 8JD Sports Gyms (2) 2 \u2014JD Canaries 2 1 3 Mainline 3 5 8 Sport Zone Canaries 10 4 14 Total Consideration 17 16 33 Prior Period Acquisitions - Acquisition of Non-Controlling InterestsJD Sports Fashion Germany GmbHOn 25 April 2023, JD Sports Fashion Plc (\u2018JD\u2019) acquired the remaining 20% of the issued share capital in its existing subsidiary JD\ue655Sports Fashion Germany GmBH (\u2018JD Germany\u2019) for a cash consideration of \u20ac7 million (\u00a36 million). At the date of acquisition the Group held a put and call option liability on the remaining 20% which carried a value of \u00a30.4 million (see Note 25). The Group now owns 100% of the issued share capital of JD Germany. In accordance with IFRS 10, the Group had previously assessed and concluded that it controlled the subsidiary. As the step-up on 25 April 2023 does not result in a change of control, this was\ue655accounted for as an equity transaction.JD Sports Fashion SDN BDH On 30 August 2023, JD Sports Fashion Plc (\u2018JD\u2019) acquired the remaining 20% of the issued share capital in its existing subsidiary JD\ue655Sports Fashion SDN BDH (\u2018JD Malaysia\u2019) for a cash consideration of 196 million MYR (\u00a335 million). The Group now owns 100% of\ue655the issued share capital of JD Malaysia. In accordance with IFRS 10, the Group had previously assessed and concluded that it controlled the subsidiary. As the step-up on 30 August 2023 does not result in a change of control, this was accounted for as\ue655an\ue655equity transaction.Iberian Sports Retail Group S.L.On 10 October 2023, JD Sports Fashion Plc (\u2018JD\u2019) acquired the remaining 49.99% of the issued share capital in its existing subsidiary Iberian Sports Retail Group S.L. (\u2018ISRG\u2019) for a cash consideration of \u20ac500 million (\u00a3434 million). At the date of acquisition the Group held a put and call option liability on the remaining 49.99% which carried a value of \u00a3429 million (see Note 25). The Group now owns 100% of the issued share capital of ISRG. In accordance with IFRS 10, the Group had previously assessed and concluded that it controlled the subsidiary. As the step-up on 10 October 2023 does not result in a change of control, this was accounted for as an equity\ue655transaction.Marketing Investment Group S.A. On 21 December 2023, JD Sports Fashion Plc (\u2018JD\u2019) acquired the remaining 40% of the issued share capital in its existing subsidiary Marketing Investment Group S. A. (\u2018MIG\u2019) for a cash consideration of 343 million PLN (\u00a369 million). At the date of acquisition the Group held a put and call option liability on the remaining 40% which carried a value of \u00a368 million (see Note 25). The Group now owns 100% of the issued share capital of MIG. In accordance with IFRS 10, the Group had previously assessed and concluded that it controlled the subsidiary. As the step-up on 21 December 2023 does not result in a change of control, this was accounted for as\ue655an\ue655equity transaction.Other Acquisitions of Non-Controlling InterestDuring the period ended 3 February 2024, the Group made four other acquisitions of non-controlling interests which were not material for a cash consideration of \u00a38 million. The table below presents the amounts recognised within retained earnings and non-controlling interest within the statement of changes in equity during the prior period.Retained Earnings Non-controlling \u00a3minterest \u00a3m Total \u00a3mAcquisition of non controlling interest ISRG 308 126 434 JD Germany 11 (5) 6 JD Malaysia 32 3 35 MIG 44 25 69 Other 8 \u2013 8 Total consideration 403 149 55212. DivestmentsCurrent Period Divestments - Applied Nutrition The Group had an equity interest in a single associate, Applied Nutrition Limited (\u2018Applied Nutrition\u2019). On 7 May 2021, the Group acquired a 32% ownership interest in, and had significant influence over, Applied Nutrition. Applied Nutrition is a sports nutrition brand which operates via wholesale activities and a trading website. On 24 October 2024, Applied Nutrition undertook an initial public offering and admitted its entire issued ordinary share capital, consisting of 250,000,000 shares, to the London Stock Exchange plc\u2019s main market for listed securities. The Group disposed of 21.58% of its shareholding in Applied Nutrition on 24 October 2024 for net proceeds of \u00a373 million. At 1 February 2025 the Group holds 9.78% ownership in Applied Nutrition.On disposal of its 21.58% shareholding, the Group ceased to hold significant influence over Applied Nutrition and has de-recognised its investment in associate. The remaining 9.78% is accounted for as a financial asset under IFRS 9. The fair value of the retained interest was \u00a334 million. Please refer to Note 19 for further information.A gain of \u00a351 million arising from the disposal and gain on revaluation of the retained investment on the date of classification amounting to \u00a324 million is recognised in profit and loss as an adjusting item included in \u2018Divestment and restructuring\u2019 line.Current Period Divestments \u2013 Non-Significant Divestments On 16 October 2024, the group disposed of Total Swimming Holdings Limited (60% equity interest) including its subsidiaries. The total\ue655consideration of \u00a311 million. The non-controlling interest at disposal was \u00a31.4 million. The gain on disposal, net of disposal costs is\ue655\u00a314 million. On 20 November 2024, the Group disposed of its 49% equity interest shareholding in a joint venture, PT JD Sports Fashion Indonesia (\u2018JD Indonesia\u2019), for cash consideration of \u00a36 million. The loss on disposal net of disposal costs is \u00a31 million. On 28 July 2024, the Group disposed of Gym King Limited (40% equity interest) a fixed asset investment in a joint venture for cash consideration of \u00a32 million. The loss on disposal net of disposal costs is \u00a31 million. On 7 March 2024, the Group disposed of Bodytone Limited (50.1% equity interest) for cash consideration of \u20ac2 million (\u00a32 million). The\ue655non-controlling interest at disposal was \u00a33.6 million. The loss on disposal net of disposal costs is \u00a31 million.The total net gain on divestments of \u00a311 million is offset with an \u00a38 million loss on divestments and restructuring of non-core group companies from the prior year.The total gain on non-significant divestments amounts to \u00a33 million. Prior Period DivestmentsOn 16 December 2022, the Group announced its plan to significantly simplify its business offering through the divestment of a number of non-core businesses in order to focus more fully on the opportunities across the rest of the Group. As a result, 16 businesses in total were divested for total cash consideration of \u00a319 million received in the period ended 3 February 2024, with deferred consideration of \u00a32 million.The Group completed the divestment of 12 businesses for \u00a315 million at various dates in the period ended 3 February 2024:\u2013 Tessuti Group Limited (100% equity interest) \u2013 including its subsidiaries Tessuti Limited 87.5% equity interest), Tessuti (Ireland) Limited (87.5% equity interest), Tessuti Retail Limited 100% equity interest) and Prima Designer Limited (100% equity interest) (divested on 7 February 2023);\u2013 Choice Limited (87.5% equity interest) \u2013 including its subsidiary Choice 33 Limited (87.5% equity interest) (divested on 7 February 2023);\u2013 Giulio Limited (87.5% equity interest) \u2013 including its subsidiaries Giulio Fashion Limited (87.5% equity interest) and Giulio Woman Limited (87.5% equity interest) (divested on 7 February 2023);\u2013 R.D. Scott Limited (100% equity interest) (divested on 7 February 2023);\u2013 Catchbest Limited (80% equity interest) (divested on 7 February 2023);\u2013 Rascal Clothing Limited (75% equity interest) (divested on 6 February 2023);\u2013 Source Lab Limited (85% equity interest) (divested on 28 February 2023);\u2013 Topgrade Sportswear Holdings Limited including its subsidiaries Topgrade Sportwear Limited and GetTheLabel.com Limited (80%\ue655equity interest) (divested on 2 March 2023);\u2013 Woodlandslove Limited (80% equity interest) (divested on 9 March 2023);\u2013 80s Casual Classics Limited including its subsidiary Modern Casuals Limited (70% equity interest) (divested on 26 May 2023);\u2013 Bernard Esher Limited (80% equity interest) (divested on 4 July 2023); and\u2013 Hairburst Holding Group Limited including its subsidiaries Hair Burst Limited, JMH Cosmetics Limited and Mrblancteeth Limited (75%\ue655equity interest) (divested on 24 July 2023).In addition, on 23 May 2023, the Group disposed of Brand Stable Limited (49% equity interest) a fixed asset investment in a joint venture for cash consideration of \u00a31 million. On 2 February 2024, the group sold 0.64% of its holding in Applied Nutrition Limited, while still retaining the Group as an associate, for\ue655cash consideration of \u00a32 million. The consideration was received fully in cash during the period. Costs to sell were immaterial.On 30 August 2023, the Group disposed of SEA Sports Fashion SDN BHD (60% equity interest). The total cash consideration was\ue655\u00a31.Additionally, on 20 December 2023, the Group disposed of Kukri Sports Limited (75% equity interest) including its subsidiaries Kukri Asia Limited (100% equity interest), Kukri Sports Middle East JLT (100% equity interest, Kukri GB Limited (100% equity interest), Kukri PTE Limited (100% equity interest), Kukri NZ Limited (75% equity interest), Kukri Events Limited (100% equity interest), Kukri Sports Ireland Limited (100% equity interest), Frank Harrison Limited (90% equity interest), Kukri Sports Canada Inc (75% equity interest), Kukri (HK) Limited (100% equity interest), Kukri Australia Pty Limited (100% equity interest), Kukri (Shanghai) Limited (100% equity interest) and Squirrel Sports Limited (100% equity interest). The total consideration was \u00a33 million, of which \u00a31 million was deferred. GymNationOn 1 November 2023, the Group disposed of GymNation Holding Ltd (78.2% equity interest) including its subsidiary GymNation LLC. The total consideration was \u00a334 million. The net assets of the business were classed as held for sale in the half-year results. At the date of the disposal, the carrying amounts of GymNation\u2019s net assets were \u00a330 million, total consideration received \u00a334 million, and gain on disposal net of disposal costs was \u00a34 million. Focus Brands LimitedOn 24 January 2024, the Group disposed of Focus Brands Limited (100% equity interest) including its subsidiaries Focus Group Holdings Limited (100% equity interest), Focus International Limited (100% equity interest), Focus Sports & Leisure International Limited (100% equity interest), Focus Equipment Limited (100% equity interest), Focus International NL B.V. (100% equity interest) and Focus Italy S.p.a. (100% equity interest). The total consideration was \u00a38 million, of which \u00a35 million was deferred. This decision was made following the half-year announcement; therefore, the net assets were not classed as held for sale. At the date of the disposal, the carrying amounts of Focus Group\u2019s net assets were \u00a332 million, total consideration received \u00a38 million, and loss on disposal net of disposal costs was \u00a324 million. Sports Unlimited Retail B.VOn 6 December 2023, the Group made the decision to close the Sports Unlimited Retail B.V (\u2018SUR\u2019) business. On this date, the entity was put into bankruptcy and the control over the trade and assets of SUR was transferred to an independent trustee. No consideration was received. The net gain on disposal has been treated as an adjusting item (see Note 4). At the date of the disposal, the carrying amounts of SUR\u2019s net liabilities were \u00a336 million total consideration received \u00a3Nil, and gain on disposal net of disposal costs was \u00a336\ue655million.",
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"value": "13. Intangible AssetsThe Group recognises intangible assets in respect of goodwill, brand licences, brand names, fascia names, customer relationships, and software development. Group accounting policy for their recognition, measurement and subsequent treatment is explained below. All intangible assets are subject to impairment testing. The approach and findings of impairment reviews performed during the year are set out at the end of this note. There have been a number of intangible asset acquisitions during the period, relating to the Hibbett and Courir acquisitions. Further details, including the fair value of the assets acquired, are provided in Note 11.Recognition, measurement and subsequent treatment of intangible assetsGoodwillGoodwill represents amounts arising on acquisition of subsidiaries. The Group measures goodwill at the acquisition date as:\u2013 the fair value of the consideration transferred; plus\u2013 the recognised amount of any non-controlling interests in the acquiree; plus\u2013 if the business combination is achieved in stages, the fair value of the existing equity interest in the acquiree; less\u2013 the net recognised amount of the identifiable assets acquired and liabilities assumed.When the excess is negative, the gain on bargain purchase is recognised immediately in the Consolidated Income Statement.On disposal of a subsidiary, the attributable amount of goodwill is included in the determination of the profit/loss on disposal.Goodwill is stated at cost less any accumulated impairment losses. Goodwill is not amortised but is instead is tested annually for impairment and whenever there is an indication that the goodwill may be impaired: see policy below. Brand Licences Brand licences are recognised when the Group enters into a licensing agreement with a brand to license their products in return for royalty payments across the term of the contract. On entering into the contract, the licence is assigned a cost based on the discounted contractual minimum royalty payments across the licence term. The cost of the licence is then simultaneously recognised as an intangible asset for the use of the brand licence and a liability for the royalty payments due. Brand licences are stated at cost less accumulated amortisation and impairment losses. Amortisation of brand licences is charged to the Consolidated Income Statement within cost of sales over the term to the licence expiry on a straight-line basis. The remaining useful economic lives of brand licences as at 1 February 2025 range over a period of three months to nine years (2024: three months to ten years). Brand NamesBrand names acquired as part of a business combination are stated at fair value as at the acquisition date less accumulated amortisation and impairment losses. Brand names separately acquired are stated at cost less accumulated amortisation and impairment losses. The useful economic life of each purchased brand name is considered to be finite and is typically between five and ten years. In determining the useful economic life of each brand name, the Board considers the market position of the brands acquired, the nature of\ue655the market that the brands operate in, typical product life-cycles of the brands and the useful economic lives of similar assets that are\ue655used in comparable ways. Brand names are amortised on a straight-line basis over their useful economic lives and the amortisation charge is included within adjusted administrative expenses in the Consolidated Income Statement.Fascia NamesSeparately identifiable fascia names acquired are stated at fair value as at the acquisition date less accumulated amortisation and impairment losses. The initial fair value is determined by using a \u2018royalty relief\u2019 method of valuation. This is based on an estimation of future sales and the choice of a suitable royalty and discount rate in order to calculate the present value. This method involves calculating a net present value for each fascia name by discounting the projected future royalties expected using a finite useful economic life for each fascia. The future royalties are estimated by applying a suitable royalty rate to the sales forecast.Store and online fascia names are considered to have a finite useful economic life. The estimated useful economic lives are as\ue655follows:\u2013 Online fascia names 3 to 10 years\u2013 Store fascia names 5 to 10 years The factors that are considered when determining the useful life of each fascia name are as follows:\u2013 The strength of the respective fascia names in the relevant sector and geographic region where the fascia is located.\u2013 The history of the fascia names and that of similar assets in the relevant retail sectors. \u2013 The commitment of the Group to continue to operate these stores separately for the foreseeable future, including the ongoing investment in new stores and refurbishments.\u2013 The impact of increased competition in the marketplace as a result of reduced barriers to entry and its impact on the useful life of online fascia names.The remaining useful economic lives of fascia names as at 1\ue655February 2025 range over a period of three to ten years (2024:\ue655four to eight\ue655years). Fascia names are all amortised over the useful economic life on a straight-line basis and the amortisation charge is included within adjusted administrative expenses in the Consolidated Income Statement.Customer RelationshipsCustomer relationships acquired as part of a business combination are stated at fair value as at the acquisition date less accumulated amortisation and impairment losses.Amortisation of customer relationships is charged to the Consolidated Income Statement within adjusted administrative expenses over the estimated useful life of one to five years on a straight-line basis. Software DevelopmentSoftware development costs (including website development costs) are capitalised as intangible assets if the technical and commercial feasibility of the project has been demonstrated, the future economic benefits are probable, the Group has an intention and ability to\ue655complete and use or sell the software and the costs can be measured reliably. Costs that do not meet these criteria are expensed as\ue655incurred. Software development costs are stated at historic cost, less accumulated amortisation. Capitalised software costs comprise software under the control of the Group.Software development costs are all amortised over a period of two to seven years on a straight-line basis and the amortisation charge is\ue655included within administrative expenses in the Consolidated Income Statement. Software development includes \u00a31 million (2024: \u00a3Nil) of\ue655internally generated software development. Directly attributable software development costs in relation to the configuration and customisation of cloud computing arrangements, including Software-as-a-Service (\u2018SaaS\u2019) are only capitalised to the extent they give rise to an asset controlled by the Group. Where control cannot be demonstrated, expenditure in relation to such costs is expensed in the period it is incurred. 13. Intangible Assets continuedBrand CustomerSoftware GoodwilllicencesBrand namesFascia namerelationshipsdevelopmentTotal\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mCost of valuationAt 28 January 2023 1,239 96 22 521 14 122 2,014 Additions \u2013 73 \u2013 \u2013 \u2013 30 103 Reclassifications \u2013 \u2013 \u2013 (8) \u2013 (2) (10) Disposals \u2013 (1) \u2013 \u2013 \u2013 (7) (8) Divestments (Note 12) (58) \u2013 (1) (16) \u2013 \u2013 (75) Transfer to assets held -for-sale (Note 37) (7) \u2013 \u2013 \u2013 \u2013 \u2013 (7) Exchange Differences (20) \u2013 \u2013 (6) \u2013 (2) (28) At 3 February 2024 1,154 168 21 491 14 141 1,989 Additions \u2013 16 \u2013 \u2013 \u2013 28 44 Acquisitions 678 1 \u2013 260 2 7 948 Reclassifications \u2013 \u2013 \u2013 \u2013 \u2013 6 6 Transfer from assets held-for-sale (Note 37) 7 \u2013 \u2013 \u2013 \u2013 \u2013 7 Disposals \u2013 (3) (4) \u2013 \u2013 (2) (9) Divestments (Note 12) (23) \u2013 \u2013 (10) \u2013 \u2013 (33) Exchange differences 27 (1) \u2013 11 \u2013 \u2013 37 At 1 February 2025 1,843 181 17 752 16 180 2,989 Amortisation and impairmentAt 28 January 2023 192 20 17 190 4 90 513 Charge for the period \u2013 8 1 45 3 16 73 (1)Impairments 21 \u2013 \u2013 14 \u2013 \u2013 35 Reclassifications \u2013 \u2013 \u2013 (8) \u2013 \u2013 (8) Disposals \u2013 (1) \u2013 \u2013 \u2013 (6) (7) Divestments (Note 12) (36) \u2013 (1) (7) \u2013 \u2013 (44) Exchange differences \u2013 \u2013 \u2013 (1) \u2013 (1) (2) At 3 February 2024 177 27 17 233 7 99 560 Charge for the period \u2013 18 1 51 4 23 97 (1)Impairments \u2013 \u2013 \u2013 5 \u2013 \u2013 5 Reclassifications \u2013 \u2013 \u2013 \u2013 \u2013 (1) (1) Disposals \u2013 \u2013 (5) \u2013 \u2013 (1) (6) Divestments (Note 12) (23) \u2013 \u2013 (10) \u2013 \u2013 (33) Exchange differences \u2013 \u2013 \u2013 2 1 \u2013 3 At 1 February 2025 154 45 13 281 12 120 625 Net book valueAt 1 February 2025 1,689 136 4 471 4 60 2,364 At 3 February 2024 977 141 4 258 7 42 1,429 (1) The impairment charge for the period of \u00a35 million (2024: \u00a335 million) has been treated as an adjusting item. See Note 4 for adjusting\ue655items.Impairment of intangible assetsGoodwill is tested for impairment annually or where there is an indication that impairment may exist. The Group does not have any intangible assets with an indefinite useful life or that have not yet been brought into use. The Group\u2019s annual impairment test has been performed at the end of November 2024. In the prior year the impairment test was performed at the end of July 2023.Other intangible assets with finite lives are tested for impairment only if indicators of impairment exist. Impairment testing is performed at the asset level where possible, or otherwise the cash-generating unit (CGU) being the smallest identifiable group of assets that generate cash inflows that are largely independent of cash inflows from other assets or groups of assets. Corporate assets that contribute to the future cash flows of multiple CGUs are allocated to individual CGUs if possible to do so\ue655on a reasonable and consistent basis, and are otherwise tested for impairment by reference to the cash flows from the smallest grouping of CGUs that they can be allocated to. When an impairment test is performed, recoverable amount is assessed by reference to the higher of the value in use of the relevant CGU and its fair value less costs of disposal.Impairment losses are recognised within adjusted administrative expenditure in the Consolidated Income Statement. Where a CGU is impaired, the impairment is first allocated to any goodwill and then to the other assets of the unit. Identification of Cash-Generating UnitsThe Group considers each store to be a separate CGU capable of generating independent cash flows. A separate online CGU also exists within each fascia. Intangible assets cannot be allocated to individual store and online CGUs on a reasonable and consistent basis and therefore the following approach is taken: \u2013 Goodwill is allocated by grouping store and online CGUs at the operating segment level, reflecting the grouping for internal reporting. The Group\u2019s operating segments are set out in the goodwill impairment testing section below. \u2013 Store and online CGUs operate under a fascia name and each fascia makes use of brand names, licences, customer relationships and software. Therefore, store and online CGUs are grouped into fascia CGUs for the purpose of testing these assets for impairment. Set out below are the results of impairment testing performed during the year. Assets allocated to fascia CGUs are considered first reflecting the order that impairment testing was performed. Fascia CGUsThe impairment charge of \u00a35 million in the current period is a result of impairment of Swim! before divestment, negative growth in the Blacks fascia and lower than anticipated trading results in the 50 Styles fascia within MIG, which is being phased out.In the period ended 3 February 2024, a total of \u00a314m of impairment was recognised in relation to fascia intangible assets across the Go\ue655Outdoors, Livestock, Wheelbase and Swim CGUs.GoodwillNo impairments have been recognised in the current period in relation to testing goodwill for impairment. In the period ended 3\ue655February, a total of \u00a321m of impairment was recognised across the Allsport, Gymnation and Swim CGUs.During the year there was a change to the composition to the Group\u2019s operating and reportable segments, see Note 2 for further detail. This has triggered a need to reassess the segments to which the Group\u2019s goodwill is allocated. The new operating segments represent the lowest level within the Group at which goodwill is monitored for internal management purposes, and the level at which impairment tests are performed. We have therefore reallocated goodwill across these segments.The table below presents the carrying amount of goodwill against each of the new operating and reporting segments:(1)Restatedtotal goodwill Goodwill 2025 2024 Reportable Segment\u00a3m\u00a3mJD UK JD 24 16 JD Europe JD 93 94 JD Active JD 17 15 JD & FL North America JD 123 120 Brand Builders JD 3 3 Complementary Complementary Concepts 325 \u2014 Community Complementary Concepts 1,031 654 Sporting Goods Sporting Goods and Outdoors 68 70 Outdoor Sporting Goods and Outdoors 5 5 1,689 977 (1) 2024 goodwill has been restated under the new operating segments, with the rationale outlined above.AcquisitionsGoodwill recognised within the Complementary operating segment during the period relates to the acquisition of Courir, which was completed near the end of the financial period on 27 November 2024. At the reporting date, the Group has not yet completed the full allocation of the purchase price to the identifiable assets acquired and liabilities assumed. As such, the goodwill amount recognised is provisional and subject to adjustment within the 12-month measurement period, in accordance with IFRS 3 Business Combinations.As part of the initial fair value exercise performed for the opening balance sheet of Courir, management has assessed that the carrying amount of goodwill is currently recoverable. No indicators of impairment were identified at the reporting date. However, given the proximity of the acquisition to period-end, and that the acquisition completed after the annual impairment testing cycle, and in accordance with IAS 36 Impairment of Assets, a full impairment test will be performed in FY26 when the purchase price allocation has been finalised and further financial information becomes available.Goodwill of \u00a3351 million has been recognised on the acquisition of Hibbett within the Community operating segment during the period. As part of the initial fair value exercise performed for Hibbett\u2019s opening balance sheet, management has assessed that the carrying amount of goodwill is currently recoverable. No indicators of impairment were identified at the reporting date. A full impairment test has been completed at period end in line with the methodology outlined above with the carrying amount of goodwill being deemed recoverable. The Group will continue to monitor the performance of the acquired businesses and reassess the carrying amount of goodwill accordingly.Below we have presented the key assumptions used in the goodwill impairment models.For the 52 week period ended 1\ue64aFebruary 2025Impairment model assumptions usedLong term revenue growth Pre-tax (1)(1)Reportable SegmentrateGross margin ratediscount rateJD UK JDGross margins assumed to be consistent with historic levels and 2.0% the approved five year plan. 12.2% JD Europe JDGross margins assumed to be consistent with historic levels and 0.0% the approved five year plan. 14.1% JD Active JDGross margins assumed to be consistent with historic levels and 2.0% the approved five year plan. 10.5% JD & FL North America JDGross margins assumed to be consistent with historic levels and 2.5% the approved five year plan. 13.3% Outdoor Sporting Goods Gross margins assumed to be consistent with historic levels and and Outdoors 0.0% the approved five year plan. 10.8% Sporting Goods Sporting Goods Gross margins assumed to be consistent with historic levels and and Outdoors 1.5% the approved five year plan. 10.3% Community Complementary Gross margins assumed to be consistent with historic levels and Concepts 2.0% the approved five year plan. 14.0% (1) Growth rates and discount rates have not been presented for JD Asia Pacific, this is due to there being no intangible assets to assess as part of an impairment model. The\ue655growth rates presented are the long term revenue growth rates post FY30 applied to the cashflows in the impairment models in order to derive the terminal value.Key Assumptions Used in Value-In-Use Calculations and Sensitivity to Changes in AssumptionsThe calculation of value-in-use for CGUs and groups of CGUs is most sensitive to the following assumptions:\u2013 Gross margins\u2013 Discount rates\u2013 Long term revenue growth ratesThe cash flow projections used in the value-in-use calculations are all based on the Group\u2019s five-year Board approved forecast. The\ue655forecasts are extrapolated based on estimated long-term average growth rates. Estimates are based on past experience and expectations of future changes in the market, including the prevailing economic climate and global economy, competitor activity, market dynamics, changing customer behaviours, structural challenges facing retail and the resilience afforded by the Group\u2019s operational scale.Gross MarginsGross margins are based on the same values as forecast in the Board approved budget and 5 year plan. These are generally expected to\ue655remain constant over the five year forecast period.Discount RatesDiscount rates represent the current market assessment of the risks specific to each CGU and group of CGUs, taking into consideration the time value of money and individual risks of the underlying assets that have not been incorporated in the cash flow estimates. The\ue655discount rate calculation is based on the specific circumstances of the Group and its operating segments and is derived from its weighted average cost of capital (\u2018WACC\u2019).Growth RatesThe short-term revenue growth rate is based on the Board approved average annual growth rates for the five year period following the\ue65552 week period ending 1\ue655February 2025.The terminal growth rate as disclosed above is the rate used thereafter, which is an estimate of the growth based on past experience within the Group, taking account of economic growth forecasts for the relevant sector and geography. The long-term growth rates have been compared to published industry research and the lower of the growth rates have been used in the value-in-use calculation.Sensitivity AnalysisThe Group has carried out sensitivity analysis on the reasonably possible changes in key assumptions in the impairment tests for:(a) each operating segment to which goodwill has been allocated; and (b) for each group of CGUs at a fascia level. Management has considered the possibility of each business achieving less revenue and gross profit % than forecast to ascertain the level at which headroom would be eroded and the level at which a material impairment would occur. Whilst any reduction in revenue would be partially offset by a reduction in revenue-related costs, management would also take actions to mitigate the loss of gross profit by reducing other costs. With regard to the assessment of value-in-use of all groups of CGUs and operating segments with headroom, management believes that there are no reasonably possible changes in any of the key assumptions which would cause the carrying value to materially exceed its recoverable amount and we do not consider this to be a critical estimate. Management does not consider there to be a reasonably possible change in any of the key assumptions in the group of CGUs, or with impairment charges that would materially increase the impairment recognised in the period.Sensitivity analysis has been performed, and there are no intangibles which would be materially impacted by reasonably possible changes to key assumptions that would have a material impact on the carrying value of intangibles. This is due to the significant headroom identified from the value-in-use calculations.",
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"value": "13. Intangible AssetsThe Group recognises intangible assets in respect of goodwill, brand licences, brand names, fascia names, customer relationships, and software development. Group accounting policy for their recognition, measurement and subsequent treatment is explained below. All intangible assets are subject to impairment testing. The approach and findings of impairment reviews performed during the year are set out at the end of this note. There have been a number of intangible asset acquisitions during the period, relating to the Hibbett and Courir acquisitions. Further details, including the fair value of the assets acquired, are provided in Note 11.Recognition, measurement and subsequent treatment of intangible assetsGoodwillGoodwill represents amounts arising on acquisition of subsidiaries. The Group measures goodwill at the acquisition date as:\u2013 the fair value of the consideration transferred; plus\u2013 the recognised amount of any non-controlling interests in the acquiree; plus\u2013 if the business combination is achieved in stages, the fair value of the existing equity interest in the acquiree; less\u2013 the net recognised amount of the identifiable assets acquired and liabilities assumed.When the excess is negative, the gain on bargain purchase is recognised immediately in the Consolidated Income Statement.On disposal of a subsidiary, the attributable amount of goodwill is included in the determination of the profit/loss on disposal.Goodwill is stated at cost less any accumulated impairment losses. Goodwill is not amortised but is instead is tested annually for impairment and whenever there is an indication that the goodwill may be impaired: see policy below. Brand Licences Brand licences are recognised when the Group enters into a licensing agreement with a brand to license their products in return for royalty payments across the term of the contract. On entering into the contract, the licence is assigned a cost based on the discounted contractual minimum royalty payments across the licence term. The cost of the licence is then simultaneously recognised as an intangible asset for the use of the brand licence and a liability for the royalty payments due. Brand licences are stated at cost less accumulated amortisation and impairment losses. Amortisation of brand licences is charged to the Consolidated Income Statement within cost of sales over the term to the licence expiry on a straight-line basis. The remaining useful economic lives of brand licences as at 1 February 2025 range over a period of three months to nine years (2024: three months to ten years). Brand NamesBrand names acquired as part of a business combination are stated at fair value as at the acquisition date less accumulated amortisation and impairment losses. Brand names separately acquired are stated at cost less accumulated amortisation and impairment losses. The useful economic life of each purchased brand name is considered to be finite and is typically between five and ten years. In determining the useful economic life of each brand name, the Board considers the market position of the brands acquired, the nature of\ue655the market that the brands operate in, typical product life-cycles of the brands and the useful economic lives of similar assets that are\ue655used in comparable ways. Brand names are amortised on a straight-line basis over their useful economic lives and the amortisation charge is included within adjusted administrative expenses in the Consolidated Income Statement.Fascia NamesSeparately identifiable fascia names acquired are stated at fair value as at the acquisition date less accumulated amortisation and impairment losses. The initial fair value is determined by using a \u2018royalty relief\u2019 method of valuation. This is based on an estimation of future sales and the choice of a suitable royalty and discount rate in order to calculate the present value. This method involves calculating a net present value for each fascia name by discounting the projected future royalties expected using a finite useful economic life for each fascia. The future royalties are estimated by applying a suitable royalty rate to the sales forecast.Store and online fascia names are considered to have a finite useful economic life. The estimated useful economic lives are as\ue655follows:\u2013 Online fascia names 3 to 10 years\u2013 Store fascia names 5 to 10 years The factors that are considered when determining the useful life of each fascia name are as follows:\u2013 The strength of the respective fascia names in the relevant sector and geographic region where the fascia is located.\u2013 The history of the fascia names and that of similar assets in the relevant retail sectors. \u2013 The commitment of the Group to continue to operate these stores separately for the foreseeable future, including the ongoing investment in new stores and refurbishments.\u2013 The impact of increased competition in the marketplace as a result of reduced barriers to entry and its impact on the useful life of online fascia names.The remaining useful economic lives of fascia names as at 1\ue655February 2025 range over a period of three to ten years (2024:\ue655four to eight\ue655years). Fascia names are all amortised over the useful economic life on a straight-line basis and the amortisation charge is included within adjusted administrative expenses in the Consolidated Income Statement.Customer RelationshipsCustomer relationships acquired as part of a business combination are stated at fair value as at the acquisition date less accumulated amortisation and impairment losses.Amortisation of customer relationships is charged to the Consolidated Income Statement within adjusted administrative expenses over the estimated useful life of one to five years on a straight-line basis. Software DevelopmentSoftware development costs (including website development costs) are capitalised as intangible assets if the technical and commercial feasibility of the project has been demonstrated, the future economic benefits are probable, the Group has an intention and ability to\ue655complete and use or sell the software and the costs can be measured reliably. Costs that do not meet these criteria are expensed as\ue655incurred. Software development costs are stated at historic cost, less accumulated amortisation. Capitalised software costs comprise software under the control of the Group.Software development costs are all amortised over a period of two to seven years on a straight-line basis and the amortisation charge is\ue655included within administrative expenses in the Consolidated Income Statement. Software development includes \u00a31 million (2024: \u00a3Nil) of\ue655internally generated software development. Directly attributable software development costs in relation to the configuration and customisation of cloud computing arrangements, including Software-as-a-Service (\u2018SaaS\u2019) are only capitalised to the extent they give rise to an asset controlled by the Group. Where control cannot be demonstrated, expenditure in relation to such costs is expensed in the period it is incurred. 13. Intangible Assets continuedBrand CustomerSoftware GoodwilllicencesBrand namesFascia namerelationshipsdevelopmentTotal\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mCost of valuationAt 28 January 2023 1,239 96 22 521 14 122 2,014 Additions \u2013 73 \u2013 \u2013 \u2013 30 103 Reclassifications \u2013 \u2013 \u2013 (8) \u2013 (2) (10) Disposals \u2013 (1) \u2013 \u2013 \u2013 (7) (8) Divestments (Note 12) (58) \u2013 (1) (16) \u2013 \u2013 (75) Transfer to assets held -for-sale (Note 37) (7) \u2013 \u2013 \u2013 \u2013 \u2013 (7) Exchange Differences (20) \u2013 \u2013 (6) \u2013 (2) (28) At 3 February 2024 1,154 168 21 491 14 141 1,989 Additions \u2013 16 \u2013 \u2013 \u2013 28 44 Acquisitions 678 1 \u2013 260 2 7 948 Reclassifications \u2013 \u2013 \u2013 \u2013 \u2013 6 6 Transfer from assets held-for-sale (Note 37) 7 \u2013 \u2013 \u2013 \u2013 \u2013 7 Disposals \u2013 (3) (4) \u2013 \u2013 (2) (9) Divestments (Note 12) (23) \u2013 \u2013 (10) \u2013 \u2013 (33) Exchange differences 27 (1) \u2013 11 \u2013 \u2013 37 At 1 February 2025 1,843 181 17 752 16 180 2,989 Amortisation and impairmentAt 28 January 2023 192 20 17 190 4 90 513 Charge for the period \u2013 8 1 45 3 16 73 (1)Impairments 21 \u2013 \u2013 14 \u2013 \u2013 35 Reclassifications \u2013 \u2013 \u2013 (8) \u2013 \u2013 (8) Disposals \u2013 (1) \u2013 \u2013 \u2013 (6) (7) Divestments (Note 12) (36) \u2013 (1) (7) \u2013 \u2013 (44) Exchange differences \u2013 \u2013 \u2013 (1) \u2013 (1) (2) At 3 February 2024 177 27 17 233 7 99 560 Charge for the period \u2013 18 1 51 4 23 97 (1)Impairments \u2013 \u2013 \u2013 5 \u2013 \u2013 5 Reclassifications \u2013 \u2013 \u2013 \u2013 \u2013 (1) (1) Disposals \u2013 \u2013 (5) \u2013 \u2013 (1) (6) Divestments (Note 12) (23) \u2013 \u2013 (10) \u2013 \u2013 (33) Exchange differences \u2013 \u2013 \u2013 2 1 \u2013 3 At 1 February 2025 154 45 13 281 12 120 625 Net book valueAt 1 February 2025 1,689 136 4 471 4 60 2,364 At 3 February 2024 977 141 4 258 7 42 1,429 (1) The impairment charge for the period of \u00a35 million (2024: \u00a335 million) has been treated as an adjusting item. See Note 4 for adjusting\ue655items.Impairment of intangible assetsGoodwill is tested for impairment annually or where there is an indication that impairment may exist. The Group does not have any intangible assets with an indefinite useful life or that have not yet been brought into use. The Group\u2019s annual impairment test has been performed at the end of November 2024. In the prior year the impairment test was performed at the end of July 2023.Other intangible assets with finite lives are tested for impairment only if indicators of impairment exist. Impairment testing is performed at the asset level where possible, or otherwise the cash-generating unit (CGU) being the smallest identifiable group of assets that generate cash inflows that are largely independent of cash inflows from other assets or groups of assets. Corporate assets that contribute to the future cash flows of multiple CGUs are allocated to individual CGUs if possible to do so\ue655on a reasonable and consistent basis, and are otherwise tested for impairment by reference to the cash flows from the smallest grouping of CGUs that they can be allocated to. When an impairment test is performed, recoverable amount is assessed by reference to the higher of the value in use of the relevant CGU and its fair value less costs of disposal.Impairment losses are recognised within adjusted administrative expenditure in the Consolidated Income Statement. Where a CGU is impaired, the impairment is first allocated to any goodwill and then to the other assets of the unit. Identification of Cash-Generating UnitsThe Group considers each store to be a separate CGU capable of generating independent cash flows. A separate online CGU also exists within each fascia. Intangible assets cannot be allocated to individual store and online CGUs on a reasonable and consistent basis and therefore the following approach is taken: \u2013 Goodwill is allocated by grouping store and online CGUs at the operating segment level, reflecting the grouping for internal reporting. The Group\u2019s operating segments are set out in the goodwill impairment testing section below. \u2013 Store and online CGUs operate under a fascia name and each fascia makes use of brand names, licences, customer relationships and software. Therefore, store and online CGUs are grouped into fascia CGUs for the purpose of testing these assets for impairment. Set out below are the results of impairment testing performed during the year. Assets allocated to fascia CGUs are considered first reflecting the order that impairment testing was performed. Fascia CGUsThe impairment charge of \u00a35 million in the current period is a result of impairment of Swim! before divestment, negative growth in the Blacks fascia and lower than anticipated trading results in the 50 Styles fascia within MIG, which is being phased out.In the period ended 3 February 2024, a total of \u00a314m of impairment was recognised in relation to fascia intangible assets across the Go\ue655Outdoors, Livestock, Wheelbase and Swim CGUs.GoodwillNo impairments have been recognised in the current period in relation to testing goodwill for impairment. In the period ended 3\ue655February, a total of \u00a321m of impairment was recognised across the Allsport, Gymnation and Swim CGUs.During the year there was a change to the composition to the Group\u2019s operating and reportable segments, see Note 2 for further detail. This has triggered a need to reassess the segments to which the Group\u2019s goodwill is allocated. The new operating segments represent the lowest level within the Group at which goodwill is monitored for internal management purposes, and the level at which impairment tests are performed. We have therefore reallocated goodwill across these segments.The table below presents the carrying amount of goodwill against each of the new operating and reporting segments:(1)Restatedtotal goodwill Goodwill 2025 2024 Reportable Segment\u00a3m\u00a3mJD UK JD 24 16 JD Europe JD 93 94 JD Active JD 17 15 JD & FL North America JD 123 120 Brand Builders JD 3 3 Complementary Complementary Concepts 325 \u2014 Community Complementary Concepts 1,031 654 Sporting Goods Sporting Goods and Outdoors 68 70 Outdoor Sporting Goods and Outdoors 5 5 1,689 977 (1) 2024 goodwill has been restated under the new operating segments, with the rationale outlined above.AcquisitionsGoodwill recognised within the Complementary operating segment during the period relates to the acquisition of Courir, which was completed near the end of the financial period on 27 November 2024. At the reporting date, the Group has not yet completed the full allocation of the purchase price to the identifiable assets acquired and liabilities assumed. As such, the goodwill amount recognised is provisional and subject to adjustment within the 12-month measurement period, in accordance with IFRS 3 Business Combinations.As part of the initial fair value exercise performed for the opening balance sheet of Courir, management has assessed that the carrying amount of goodwill is currently recoverable. No indicators of impairment were identified at the reporting date. However, given the proximity of the acquisition to period-end, and that the acquisition completed after the annual impairment testing cycle, and in accordance with IAS 36 Impairment of Assets, a full impairment test will be performed in FY26 when the purchase price allocation has been finalised and further financial information becomes available.Goodwill of \u00a3351 million has been recognised on the acquisition of Hibbett within the Community operating segment during the period. As part of the initial fair value exercise performed for Hibbett\u2019s opening balance sheet, management has assessed that the carrying amount of goodwill is currently recoverable. No indicators of impairment were identified at the reporting date. A full impairment test has been completed at period end in line with the methodology outlined above with the carrying amount of goodwill being deemed recoverable. The Group will continue to monitor the performance of the acquired businesses and reassess the carrying amount of goodwill accordingly.Below we have presented the key assumptions used in the goodwill impairment models.For the 52 week period ended 1\ue64aFebruary 2025Impairment model assumptions usedLong term revenue growth Pre-tax (1)(1)Reportable SegmentrateGross margin ratediscount rateJD UK JDGross margins assumed to be consistent with historic levels and 2.0% the approved five year plan. 12.2% JD Europe JDGross margins assumed to be consistent with historic levels and 0.0% the approved five year plan. 14.1% JD Active JDGross margins assumed to be consistent with historic levels and 2.0% the approved five year plan. 10.5% JD & FL North America JDGross margins assumed to be consistent with historic levels and 2.5% the approved five year plan. 13.3% Outdoor Sporting Goods Gross margins assumed to be consistent with historic levels and and Outdoors 0.0% the approved five year plan. 10.8% Sporting Goods Sporting Goods Gross margins assumed to be consistent with historic levels and and Outdoors 1.5% the approved five year plan. 10.3% Community Complementary Gross margins assumed to be consistent with historic levels and Concepts 2.0% the approved five year plan. 14.0% (1) Growth rates and discount rates have not been presented for JD Asia Pacific, this is due to there being no intangible assets to assess as part of an impairment model. The\ue655growth rates presented are the long term revenue growth rates post FY30 applied to the cashflows in the impairment models in order to derive the terminal value.Key Assumptions Used in Value-In-Use Calculations and Sensitivity to Changes in AssumptionsThe calculation of value-in-use for CGUs and groups of CGUs is most sensitive to the following assumptions:\u2013 Gross margins\u2013 Discount rates\u2013 Long term revenue growth ratesThe cash flow projections used in the value-in-use calculations are all based on the Group\u2019s five-year Board approved forecast. The\ue655forecasts are extrapolated based on estimated long-term average growth rates. Estimates are based on past experience and expectations of future changes in the market, including the prevailing economic climate and global economy, competitor activity, market dynamics, changing customer behaviours, structural challenges facing retail and the resilience afforded by the Group\u2019s operational scale.Gross MarginsGross margins are based on the same values as forecast in the Board approved budget and 5 year plan. These are generally expected to\ue655remain constant over the five year forecast period.Discount RatesDiscount rates represent the current market assessment of the risks specific to each CGU and group of CGUs, taking into consideration the time value of money and individual risks of the underlying assets that have not been incorporated in the cash flow estimates. The\ue655discount rate calculation is based on the specific circumstances of the Group and its operating segments and is derived from its weighted average cost of capital (\u2018WACC\u2019).Growth RatesThe short-term revenue growth rate is based on the Board approved average annual growth rates for the five year period following the\ue65552 week period ending 1\ue655February 2025.The terminal growth rate as disclosed above is the rate used thereafter, which is an estimate of the growth based on past experience within the Group, taking account of economic growth forecasts for the relevant sector and geography. The long-term growth rates have been compared to published industry research and the lower of the growth rates have been used in the value-in-use calculation.Sensitivity AnalysisThe Group has carried out sensitivity analysis on the reasonably possible changes in key assumptions in the impairment tests for:(a) each operating segment to which goodwill has been allocated; and (b) for each group of CGUs at a fascia level. Management has considered the possibility of each business achieving less revenue and gross profit % than forecast to ascertain the level at which headroom would be eroded and the level at which a material impairment would occur. Whilst any reduction in revenue would be partially offset by a reduction in revenue-related costs, management would also take actions to mitigate the loss of gross profit by reducing other costs. With regard to the assessment of value-in-use of all groups of CGUs and operating segments with headroom, management believes that there are no reasonably possible changes in any of the key assumptions which would cause the carrying value to materially exceed its recoverable amount and we do not consider this to be a critical estimate. Management does not consider there to be a reasonably possible change in any of the key assumptions in the group of CGUs, or with impairment charges that would materially increase the impairment recognised in the period.Sensitivity analysis has been performed, and there are no intangibles which would be materially impacted by reasonably possible changes to key assumptions that would have a material impact on the carrying value of intangibles. This is due to the significant headroom identified from the value-in-use calculations.",
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"value": "Gross MarginsGross margins are based on the same values as forecast in the Board approved budget and 5 year plan. These are generally expected to\ue655remain constant over the five year forecast period.Discount RatesDiscount rates represent the current market assessment of the risks specific to each CGU and group of CGUs, taking into consideration the time value of money and individual risks of the underlying assets that have not been incorporated in the cash flow estimates. The\ue655discount rate calculation is based on the specific circumstances of the Group and its operating segments and is derived from its weighted average cost of capital (\u2018WACC\u2019).Growth RatesThe short-term revenue growth rate is based on the Board approved average annual growth rates for the five year period following the\ue65552 week period ending 1\ue655February 2025.The terminal growth rate as disclosed above is the rate used thereafter, which is an estimate of the growth based on past experience within the Group, taking account of economic growth forecasts for the relevant sector and geography. The long-term growth rates have been compared to published industry research and the lower of the growth rates have been used in the value-in-use calculation.Sensitivity AnalysisThe Group has carried out sensitivity analysis on the reasonably possible changes in key assumptions in the impairment tests for:(a) each operating segment to which goodwill has been allocated; and (b) for each group of CGUs at a fascia level. Management has considered the possibility of each business achieving less revenue and gross profit % than forecast to ascertain the level at which headroom would be eroded and the level at which a material impairment would occur. Whilst any reduction in revenue would be partially offset by a reduction in revenue-related costs, management would also take actions to mitigate the loss of gross profit by reducing other costs. With regard to the assessment of value-in-use of all groups of CGUs and operating segments with headroom, management believes that there are no reasonably possible changes in any of the key assumptions which would cause the carrying value to materially exceed its recoverable amount and we do not consider this to be a critical estimate. Management does not consider there to be a reasonably possible change in any of the key assumptions in the group of CGUs, or with impairment charges that would materially increase the impairment recognised in the period.Sensitivity analysis has been performed, and there are no intangibles which would be materially impacted by reasonably possible changes to key assumptions that would have a material impact on the carrying value of intangibles. This is due to the significant headroom identified from the value-in-use calculations.",
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"f1__s9__6__61": {
"value": "14. Property, Plant and EquipmentOwned AssetsItems of property, plant and equipment are stated at cost less accumulated depreciation and impairment losses. Where parts of an\ue655item of property, plant and equipment have different useful economic lives, they are accounted for as separate items.Depreciation Depreciation is charged to the Consolidated Income Statement over the estimated useful life of each part of an item of property, plant and equipment. The estimated useful economic lives are as follows:\u2013 Freehold land \u2013 not depreciated\u2013 Long leasehold and freehold properties \u2013 2% per annum on a straight-line basis\u2013 Improvements to short leasehold properties \u2013 life of lease on a straight-line basis \u2013 Computer equipment \u2013 3\u20134 years on a straight-line basis\u2013 Fixtures and fittings \u2013 5\u20137 years, or length of lease if shorter, on a straight-line basis\u2013 Motor vehicles \u2013 25% per annum on a reducing balance basisThe Group reviews the estimated residual values and expected useful lives of assets at least annually. In particular, the Group considers the impact of health, safety and environmental legislation in its assessment of expected useful lives and estimated residual values. Furthermore, the Group considers climate-related matters, including physical and transition risks. Specifically, the\ue655Group determines whether climate-related legislation and regulations might impact either the useful life or residual values, e.g.\ue655by imposing additional energy efficiency requirements on the Group\u2019s buildings and office properties.DisposalsGains or losses arising on the disposal of property, plant and equipment are determined as the difference between the disposal proceeds and the carrying amount of the assets and are recognised in the Consolidated Income Statement either within other income or\ue655other\ue655expenses.Impairment of Property, Plant and Equipment and Non-Current Other AssetsProperty, plant and equipment and non-current other assets are reviewed for impairment if events or changes in circumstances indicate that the carrying amount of an asset or a cash-generating unit is not recoverable.The Group treats individual retail stores and the online operations of each fascia as separate cash-generating units (\u2018CGUs\u2019) for the purpose of impairment testing as this is the level at which largely independent cash flows are generated. Each store CGU comprises associated property, plant and equipment and right-of-use assets (as disclosed in Note 16), and is tested for impairment at the balance sheet date if any indicators of impairment have been identified.Owned corporate assets, being office and warehouse properties along with associated fixtures and fittings and plant and equipment, cannot be allocated to individual store CGUs on a reasonable and consistent basis. They have been tested for impairment by reference\ue655to the cash flows generated by the smallest grouping of store CGUs that they can be allocated to, being the region or fascia\ue655that they serve.The recoverable amount of each store CGU is the higher of its value-in-use and its fair value less costs of disposal.The value-in-use of each CGU has been calculated using discounted cash inflows derived from the Group\u2019s latest Board approved plans, taking into account the projected impact of future sales growth, and reflects historic performance and knowledge of the current market, together with the Group\u2019s views on the future achievable growth. Cash flows beyond the plan period are extrapolated using growth rates appropriate to each store\u2019s location. Cash flows have been included for the remaining lease life for the specific store and assumptions around lease extensions have been applied where appropriate, reflecting stores as CGUs that typically operate for a longer period than the recognised lease term.The key assumptions on which the forecast cash flows of the CGUs are based include revenue and the pre-tax discount rates. Other assumptions in the model relate to gross margin, cost inflation, growth rates and lease extensions.Discount rates represent the current market assessment of the risks specific to each CGU and group of CGUs, taking into consideration the time value of money and individual risks of the underlying assets that have not been incorporated in the cash flow estimates. The\ue655discount rate calculation is based on the specific circumstances of the Group and its operating segments and is derived from its weighted average cost of capital (\u201cWACC\u201d) which has been calculated using the capital asset pricing model, the inputs of which include the risk-free rate, equity risk premium, Group size premium and a risk adjustment (beta).Impairment losses recognised in prior periods are assessed at each reporting period date for any indications that the loss has decreased or no longer exists. An impairment loss is reversed if there has been a sustainable change in the estimates used to determine the recoverable amount, and if so is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that\ue655would be held (net of depreciation) if no impairment had been realised.Impairment charges of \u00a382 million (2024: \u00a39 million) relate primarily to the impairment of assets within the Derby distribution centre, which is currently held for sale; and to all classes of property, plant and equipment in store CGUs where there has been an impairment indicator and following which a full impairment review has been performed. The loss is based on the specific revenue streams and costs attributable to the store CGU. Assets in impaired store CGUs are written down to their recoverable amount which is calculated as the higher of the fair value less costs to sell and value-in-use.The impairment charge recognised is not materially sensitive to reasonably possible changes in the key assumptions set out above.Included within the depreciation charge for the period ended 1\ue655February 2025 is accelerated depreciation of \u00a36 million (2024: \u00a31 million) following a review of the useful economic life of certain items of property, plant and equipment and assets capitalised.",
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"f1__s9__6__60": {
"value": "14. Property, Plant and EquipmentOwned AssetsItems of property, plant and equipment are stated at cost less accumulated depreciation and impairment losses. Where parts of an\ue655item of property, plant and equipment have different useful economic lives, they are accounted for as separate items.Depreciation Depreciation is charged to the Consolidated Income Statement over the estimated useful life of each part of an item of property, plant and equipment. The estimated useful economic lives are as follows:\u2013 Freehold land \u2013 not depreciated\u2013 Long leasehold and freehold properties \u2013 2% per annum on a straight-line basis\u2013 Improvements to short leasehold properties \u2013 life of lease on a straight-line basis \u2013 Computer equipment \u2013 3\u20134 years on a straight-line basis\u2013 Fixtures and fittings \u2013 5\u20137 years, or length of lease if shorter, on a straight-line basis\u2013 Motor vehicles \u2013 25% per annum on a reducing balance basisThe Group reviews the estimated residual values and expected useful lives of assets at least annually. In particular, the Group considers the impact of health, safety and environmental legislation in its assessment of expected useful lives and estimated residual values. Furthermore, the Group considers climate-related matters, including physical and transition risks. Specifically, the\ue655Group determines whether climate-related legislation and regulations might impact either the useful life or residual values, e.g.\ue655by imposing additional energy efficiency requirements on the Group\u2019s buildings and office properties.DisposalsGains or losses arising on the disposal of property, plant and equipment are determined as the difference between the disposal proceeds and the carrying amount of the assets and are recognised in the Consolidated Income Statement either within other income or\ue655other\ue655expenses.Impairment of Property, Plant and Equipment and Non-Current Other AssetsProperty, plant and equipment and non-current other assets are reviewed for impairment if events or changes in circumstances indicate that the carrying amount of an asset or a cash-generating unit is not recoverable.The Group treats individual retail stores and the online operations of each fascia as separate cash-generating units (\u2018CGUs\u2019) for the purpose of impairment testing as this is the level at which largely independent cash flows are generated. Each store CGU comprises associated property, plant and equipment and right-of-use assets (as disclosed in Note 16), and is tested for impairment at the balance sheet date if any indicators of impairment have been identified.Owned corporate assets, being office and warehouse properties along with associated fixtures and fittings and plant and equipment, cannot be allocated to individual store CGUs on a reasonable and consistent basis. They have been tested for impairment by reference\ue655to the cash flows generated by the smallest grouping of store CGUs that they can be allocated to, being the region or fascia\ue655that they serve.The recoverable amount of each store CGU is the higher of its value-in-use and its fair value less costs of disposal.The value-in-use of each CGU has been calculated using discounted cash inflows derived from the Group\u2019s latest Board approved plans, taking into account the projected impact of future sales growth, and reflects historic performance and knowledge of the current market, together with the Group\u2019s views on the future achievable growth. Cash flows beyond the plan period are extrapolated using growth rates appropriate to each store\u2019s location. Cash flows have been included for the remaining lease life for the specific store and assumptions around lease extensions have been applied where appropriate, reflecting stores as CGUs that typically operate for a longer period than the recognised lease term.The key assumptions on which the forecast cash flows of the CGUs are based include revenue and the pre-tax discount rates. Other assumptions in the model relate to gross margin, cost inflation, growth rates and lease extensions.Discount rates represent the current market assessment of the risks specific to each CGU and group of CGUs, taking into consideration the time value of money and individual risks of the underlying assets that have not been incorporated in the cash flow estimates. The\ue655discount rate calculation is based on the specific circumstances of the Group and its operating segments and is derived from its weighted average cost of capital (\u201cWACC\u201d) which has been calculated using the capital asset pricing model, the inputs of which include the risk-free rate, equity risk premium, Group size premium and a risk adjustment (beta).Impairment losses recognised in prior periods are assessed at each reporting period date for any indications that the loss has decreased or no longer exists. An impairment loss is reversed if there has been a sustainable change in the estimates used to determine the recoverable amount, and if so is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that\ue655would be held (net of depreciation) if no impairment had been realised.Impairment charges of \u00a382 million (2024: \u00a39 million) relate primarily to the impairment of assets within the Derby distribution centre, which is currently held for sale; and to all classes of property, plant and equipment in store CGUs where there has been an impairment indicator and following which a full impairment review has been performed. The loss is based on the specific revenue streams and costs attributable to the store CGU. Assets in impaired store CGUs are written down to their recoverable amount which is calculated as the higher of the fair value less costs to sell and value-in-use.The impairment charge recognised is not materially sensitive to reasonably possible changes in the key assumptions set out above.Included within the depreciation charge for the period ended 1\ue655February 2025 is accelerated depreciation of \u00a36 million (2024: \u00a31 million) following a review of the useful economic life of certain items of property, plant and equipment and assets capitalised.Freehold land, long leasehold Improvements to and freehold short leasehold Assets under Fixtures and Computer Motor propertiespropertiesconstructionfittingsequipmentvehiclesTotal\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mCostAt 28 January 2023 96 278 24 991 97 7 1,493 Additions 13 122 57 303 34 1 530 Disposals (1) (17) \u2013 (32) (3) (1) (54) Divestments (Note 12) \u2013 \u2013 \u2013 (37) (8) \u2013 (45) Reclassifications (4) 12 (16) (10) (1) \u2013 (19) Exchange differences (1) (6) (1) (15) (2) \u2013 (25) Transfer to investment property (Note 15) (5) \u2013 \u2013 \u2013 \u2013 \u2013 (5) Transfer to assets held-for-sale (Note 37) \u2013 \u2013 \u2013 (2) \u2013 \u2013 (2) At 3 February 2024 98 389 64 1,198 117 7 1,873 Additions 16 100 42 291 27 2 478 Disposals \u2013 (21) \u2013 (79) (6) (1) (107) Divestments (Note 12) (4) (2) (1) (16) \u2013 \u2013 (23) Reclassifications (5) 14 82 (92) 1 \u2013 \u2013 Acquisitions 38 83 10 55 38 3 227 Exchange differences \u2013 4 1 (17) \u2013 \u2013 (12) Transfer to assets held-for-sale (Note 37) \u2013 \u2013 \u2013 (93) \u2013 \u2013 (93) At 1 February 2025 143 567 198 1,247 177 11 2,343 Depreciation and impairmentAt 28 January 2023 18 84 \u2013 468 44 4 618 Charge for the period 4 43 \u2013 111 19 1 178 Disposals \u2013 (13) \u2013 (29) (2) (1) (45) Divestments (Note 12) \u2013 \u2013 \u2013 (19) (4) \u2013 (23) (1)Impairment charge for the period \u2013 \u2013 \u2013 9 \u2013 \u2013 9 Exchange differences \u2013 (2) \u2013 (10) (1) \u2013 (13) Transfer to investment property (Note 15) (2) \u2013 \u2013 \u2013 \u2013 \u2013 (2) Transfer to assets held-for-sale (Note 37) \u2013 \u2013 \u2013 (1) \u2013 \u2013 (1) At 3 February 2024 20 112 \u2013 529 56 4 721 Charge for the period 4 65 \u2013 131 28 2 230 Disposals \u2013 (15) \u2013 (77) (5) (1) (98) Reclassifications 3 \u2013 \u2013 (3) \u2013 \u2013 \u2013 Divestments (Note 12) (2) (2) \u2013 (5) \u2013 \u2013 (9) Acquisitions \u2013 \u2013 \u2013 2 4 \u2013 6 (1)Impairment charge for the period \u2013 \u2013 \u2013 81 1 \u2013 82 Exchange differences \u2013 3 \u2013 (4) \u2013 \u2013 (1) Transfer to assets held-for-sale (Note 37) \u2013 \u2013 \u2013 (78) \u2013 \u2013 (78) At 1 February 2025 25 163 \u2013 576 84 5 853 Net book valueAt 1 February 2025 118 404 198 671 93 6 1,490 At 3 February 2024 78 277 64 669 61 3 1,152 (1) The impairment charge for the period is made up of adjusting items of \u00a380 million (2024: \u00a33 million) and non-adjusting items of \u00a32 million (2024: \u00a37 million). See Note 4 for adjusting items.",
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},
"f1__s9__6__64": {
"value": "15. Investment PropertyInvestment property, which is property held to earn rental income, is stated at cost less accumulated depreciation and impairment losses. Investment property is depreciated over a period of 50 years on a straight-line basis, with the exception of freehold land, which is not depreciated. An external valuation to determine the fair value is prepared every three years by persons having the appropriate professional experience. When an external valuation is not prepared, an annual assessment is conducted using\ue655internal\ue655expertise.\u00a3mCostAt 28 January 2023 \u2013 Transfer from Property, Plant and Equipment (Note 14) 5 At 3 February 2024 5 At 1 February 2025 5 Depreciation and impairmentAt 28 January 2023 \u2013 Transfer from Property, Plant and Equipment (Note 14) 2 At 3 February 2024 2 Charge for the period \u2013 At 1 February 2025 2 Net book valueAt 1 February 2025 3 At 3 February 2024 3The investment properties relate to properties leased to Focus Brands Limited (\u00a33 million) and Kukri Sports Limited (\u00a3Nil million). The\ue655shareholdings of both companies were disposed of during the period ended 3\ue655February 2024. Prior to disposal\ue655of the investment in\ue655these entities, these properties had been shown in Property, Plant and Equipment (Note 14).During the year the directors have obtained a fair value of the St Albans property owned by Focus. The difference between the carrying value and this fair value is considered immaterial. The directors have not obtained a fair value for the property leased to Kukri Sports Limited as the carrying value of the property is immaterial. The next external valuation of the properties will be obtained for the period ended 29 January 2028. Given the non-volatile nature of the property, a three-year external valuation cycle\ue655is deemed appropriate by the Directors. The Directors deem this to be a Level 3 input under the Group\u2019s fair value hierarchy (see Note 24).",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory",
"language": "en",
"entity": "scheme:213800HROV6Y9MUU8375",
"period": "2024-02-03T00:00:00/2025-02-02T00:00:00"
}
},
"f1__s9__6__65": {
"value": "\u00a3mCostAt 28 January 2023 \u2013 Transfer from Property, Plant and Equipment (Note 14) 5 At 3 February 2024 5 At 1 February 2025 5 Depreciation and impairmentAt 28 January 2023 \u2013 Transfer from Property, Plant and Equipment (Note 14) 2 At 3 February 2024 2 Charge for the period \u2013 At 1 February 2025 2 Net book valueAt 1 February 2025 3 At 3 February 2024 3",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory",
"language": "en",
"entity": "scheme:213800HROV6Y9MUU8375",
"period": "2024-02-03T00:00:00/2025-02-02T00:00:00"
}
},
"f1__s9__6__68": {
"value": "16. LeasesAccounting PolicyThe Group leases assets which consist of properties, vehicles and equipment. The most significant leases in size are retail stores, offices and warehouses. Some leases include an option to renew the lease for an additional period after the end of the non-cancellable period. Some leases provide for changes to rent payments based\ue655on local price indices.The Group assesses whether a contract is, or contains, a lease under IFRS 16. A lease exists if the contract conveys a right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a\ue655contract conveys the right to control the use of an identified asset, the Group assesses whether the following criteria apply:\u2013 The contract involves the use of an identified asset \u2013 this may be specified explicitly or implicitly and should be physically distinct or\ue655represent substantially all of the capacity of a physically distinct asset. If the supplier has a substantive substitution right, then the asset is not identified.\u2013 The Group has the right to obtain substantially all of the economic benefits from use of the asset throughout the period of\ue655use. \u2013 The Group has the right to direct the use of the asset. The Group has this right when it has the decision-making rights that are most relevant to changing how and for what purpose the asset is used. In rare cases, the decision about how and for what purpose the asset is used is predetermined. The Group has the right to direct the use of the asset if either:\u2013 the Group has the right to operate the asset; or\u2013 the Group designed the asset in a way that predetermines how and for what purpose it will be used.At inception, or on reassessment of a contract that contains a lease component, the Group allocates the consideration in\ue655the\ue655contract to each lease component on the basis of its relative stand-alone price. On transition to IFRS 16 on 3 February 2019, the Group elected to apply the practical expedient to grandfather the assessment of which transactions are leases. It applied IFRS 16 only to contracts that were previously identified as leases. Therefore, the definition\ue655of a lease under IFRS 16 has been applied only to contracts entered into or changed on or after the transition date. As a LesseeThe Group recognises a right-of-use asset and a lease liability at the lease commencement date. Lease liabilities are measured at the present value of the remaining lease payments, discounted at the Group\u2019s incremental borrowing rate for the subsidiary that holds the contractual lease commitment. Right-of-use assets are measured at an amount equal to the lease liability, adjusted by the amount of\ue655any prepaid or accrued lease payments plus any initial direct costs incurred less any lease incentives received. The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. A right-of-use asset\u2019s useful economic life is determined on the same basis as for property, plant and equipment. In addition, the right-of-use asset is periodically reduced by impairment losses, if\ue655any, and adjusted for certain remeasurements of the lease liability. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted at the rate implicit in the lease. If the rate implicit in the lease is not readily available, then payments are discounted using the\ue655Group\u2019s incremental borrowing rate. Lease payments included in the measurement of the lease liability comprise the following:\u2013 fixed payments, including in-substance fixed payments;\u2013 variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date; and\u2013 lease payments in an optional renewal period if the Group is reasonably certain to exercise an extension option and penalties for early termination of a lease unless the Group is reasonably certain not to terminate early.The lease liability is measured at amortised cost using the effective interest method. It is remeasured when there is a change\ue655in future lease payments arising from a change in index or rate, a change in the estimate of the amount expected to\ue655be\ue655payable under a residual value guarantee, or as appropriate in the assessment of whether a purchase or extension option\ue655is\ue655reasonably certain to be exercised.The Group\u2019s incremental borrowing rate is the rate that the Group would have to pay for a loan of a similar term, and with similar security, to obtain an asset of similar value. The incremental borrowing rate is determined based on a series of inputs including: the term, the risk determined by the Yield to Maturity (YTM) ratio on \u2018BBB\u2019 rated corporate bonds and a credit risk adjustment based on the Group\u2019s bond yields. Corporate bond rates are a comparable reflection of the risk level of the Group and hence more suitable than government bond rates for discounting the Group\u2019s lease liabilities.Where revised lease terms involve a change in the scope of a lease, or the consideration for a lease, that was not part of the\ue655original terms and conditions of the lease, then these changes are accounted for as a lease modification. Any revised consideration and/or revised lease length is taken into account in a remeasurement calculation that includes a revised discount rate at the effective date of\ue655the modification of terms. The revised discount rate is determined as the lessee\u2019s incremental borrowing rate at the effective date of\ue655the modification.The Group has several lease contracts that include extension and termination options. These options are negotiated by management to\ue655provide flexibility in managing the lease portfolio and align with the Group\u2019s business needs. Management exercises judgement in determining whether these extension and termination options are reasonably certain to be exercised.The Group-has also applied judgement to determine the lease term for some lease contracts in which it is a lessee that either have no\ue655specified end date, or where the Group continues to occupy the property despite the contractual lease end date having passed. In\ue655determining the lease term, the Group takes into consideration its commercial strategy on a store-by-store basis and the future intentions of the Group regarding the duration of continuing occupation of the property. For lease contracts falling into these parameters, the associated lease liability is calculated at the present value of the minimum lease payments over the estimated lease term, discounted at the Group\u2019s incremental cost of borrowing. A corresponding right-of-use asset is also recognised.The Group presents right-of-use assets that do not meet the definition of investment property separately on the face of the Consolidated Statement of Financial Position. The Group presents lease liabilities separately within the Consolidated Statement of\ue655Financial Position.Short-term LeasesThe Group has elected not to recognise right-of-use assets and lease liabilities for short-term leases that have a lease term of 12 months or less. The Group recognises the lease payments associated with these leases as an expense on a straight-line basis over the lease term.Payments Expensed to the Consolidated Group Income Statement:Variable lease payments, short-term lease payments, rolling lease payments and non-lease service components have been charged to\ue655the Consolidated Income Statement. Variable lease payments charged to the Consolidated Income Statement are those which are impacted by changes in sales at certain stores where the lease includes an element of turnover rent. Rolling lease payments are in relation to leases where the Group has applied judgement to determine the lease term for certain lease contracts in which the Group is a\ue655lessee that either have no specified end date, or where the Group continues to occupy the\ue655property despite the contractual lease end date having passed.As a LessorThe Group sub-leases a small number of properties. When the Group acts as a lessor, it determines at lease inception whether each lease is a finance lease or an operating lease. To classify each lease, the Group makes an overall assessment of whether the lease transfers substantially all of the risks and\ue655rewards incidental to ownership of the underlying asset. If this is the case, the lease is a finance lease. If not, then it is an\ue655operating lease. As part of this assessment, the Group considers certain indicators such as whether the lease is for the major\ue655part of the economic life of the asset.When the Group is an intermediate lessor, it accounts for its interests in the head lease and the sub-lease separately. It assesses the lease classification of a sub-lease with reference to the right-of-use asset arising from the head lease, not with\ue655reference to the underlying asset. If a head lease is a short-term lease to which the Group applies the exemption described above, then it classifies the sub-lease as\ue655an operating lease.The Group recognises lease payments received under operating leases as income on a straight-line basis over the lease term as part of other income. The Group as a LesseeInformation about leases for which the Group is a lessee is presented below.Property LeasesThe Group leases buildings for its office space, retail stores and warehouses. Some leases include an option to renew the lease for an additional number of years after the end of the non-cancellable period. Some require the Group to make payments that relate to the property taxes levied on the lessor and insurance payments made by the lessor. Some properties leased by the Group provide for additional rent payments that are based on changes in local price indices or\ue655sales that the Group makes at the leased store in the period. In respect of contracts linked to store sales, initial recognition of the lease liability is measured at the present value of the minimum lease payments specified in the contract excluding the element linked to sales, since the variable element of these payments is not based on an index or rate. Where the variable element of the payments is based on an index or rate, initial and subsequent measurement of the lease liability includes these\ue655index linked payments.Other LeasesThe Group also leases vehicles and equipment (including IT equipment).The carrying amount of\ue655the\ue655right-of-use asset is as follows:2025 2024 \u00a3m\u00a3mRight-of-use assets 2,813 2,297 Right-of-use AssetsPlant &PropertyvehiclesTotal\u00a3m\u00a3m\u00a3m Net book value At 28 January 2023 2,171 11 2,182 Additions 570 23 593 Additions - on acquisition \u2013 \u2013 \u2013 Transfer to assets held-for-sale \u2013 \u2013 \u2013 Reclassifications 4 17 21 Disposals (33) (1) (34) Divestments (53) \u2013 (53) Impairment (16) \u2013 (16) Depreciation (400) (13) (413) Remeasurement adjustments 78 (13) 65 Foreign exchange retranslation (48) \u2013 (48) At 3 February 2024 2,273 24 2,297 Additions 615 4 619 Additions - on acquisition 383 14 397 Transfer to assets held-for-sale (Note 37) (42) \u2013 (42) Reclassifications \u2013 (2) (2) Disposals (70) \u2013 (70) Divestments (Note 12) (6) \u2013 (6) (1) Impairment (26) \u2013 (26) Depreciation (448) (10) (458) Remeasurement adjustments 116 \u2013 116 Foreign exchange retranslation (12) \u2013 (12) At 1 February 2025 2,783 30 2,813 (1) The impairment charge for the period is made up of adjusting items of \u00a319 million (2024: \u00a32 million) and non-adjusting items of \u00a37 million (2024: \u00a314 million). See Note 4 for adjusting\ue655items.Lease modifications have been accounted for by remeasuring the right-of-use asset and corresponding lease liability for any\ue655change in\ue655lease length and total consideration, recalculated using a revised discount rate of the lessee\u2019s incremental borrowing rate at the effective date of the modification. Other remeasurement adjustments to the right-of-use asset predominantly relate to deferred income and rolling leases. The total net book value divested in the year ended 1\ue655February 2025 is \u00a36 million (see Note 12), of which \u00a3nil was classified as held-for-sale in the 53 weeks ended 3\ue655February 2024 and \u00a36 million was divested in the current year. (Year ended 3\ue655February 2024: total net book value of \u00a384 million divested, of which \u00a331 million was classified as held for sale in the 52 weeks ended 28 January 2023 and \u00a353 million was divested in the year ended 3 February 2024.) Impairment of Right-of-use AssetsThe majority of the Group\u2019s right-of-use assets relate to leases of retail stores. The Group treats each store as a separate cash-generating unit (\u2018CGU\u2019) for impairment testing as this is the level at which largely independent cash inflows are generated. Each store CGU comprises the store right-of-use asset and associated property, plant and equipment, and is tested for impairment at the balance sheet date if any indicators of impairment have been identified. Note 14 summarises the relevant accounting policy followed and key assumptions and judgements. The remainder of the Group\u2019s right-of-use assets comprise leased office and warehouse space along with vehicles and equipment. As\ue655explained in Note 14 in regard to owned corporate assets, these have been tested by reference to the cash flows generated by the\ue655grouping of stores CGUs in the region or fascia that they serve. Where indicators of impairment are identified, the store CGU has been tested for impairment by comparing its carrying amount with its\ue655recoverable amount determined from value-in-use calculations. Fair value less costs of disposal has also been considered where appropriate. Where the recoverable amount was less than the carrying value, an impairment charge has been recorded, pro-rated between the store CGU\u2019s right-of-use asset and property, plant and equipment as appropriate. The Group has recognised an impairment charge of \u00a326 million (2024: \u00a316 million) against right-of-use assets as a result of impairment testing.The impairment charge recognised is not materially sensitive to reasonably possible changes in the key assumptions set out in Note 14. Lease LiabilitiesThe Group presents lease liabilities separately within the Consolidated Statement of Financial Position. The carrying amount of the\ue655lease liabilities as at 1\ue655February 2025 is shown below, along with a maturity analysis of contractual undiscounted cash flows to\ue655which the Group is committed. 2025 2024 \u00a3m\u00a3mMaturity analysis - contractual undiscounted cash flowsWithin one year 650 490 Later than one year and not later than two years 587 440 Later than two years and not later than three years 521 387 Later than three years and not later than four years 454 334 Later than four years and not later than five years 373 296 After five years 1,129 999 Total undiscounted lease liabilities 3,714 2,946 2025 2024 \u00a3m\u00a3mCurrent 493 416 Non-current 2,566 2,068 Lease liabilities included in the Consolidated Statement of Financial Position 3,059 2,484 2025 2024 \u00a3m\u00a3mOpening balance 2,484 2,384 Additions 620 593 Acquisitions 387 \u2013 Interest on lease liabilities 112 84 Repayments of lease liability (532) (484) (1)Liability adjustment\u2013 (52) Foreign exchange retranslation (12) (41) Closing balance 3,059 2,484 (1) Liability adjustments include \u00a3(6) million for divestments (2024: \u00a3(55) million), \u00a3(70) million for disposals (2024: \u00a3(37) million) and \u00a3(50) million for transfers to liabilities held-for-sale (2024: \u00a3(32) million), see Note 12 for divestments and Note 37 for held-for-sale. There are also \u00a3126 million (2024: \u00a341 million) for remeasurement adjustments.Amounts recognised in the Consolidated Statement of Cash Flows and their categorisation are below:52 weeks to 53 weeks to 1 February 3 February 2025 2024 \u00a3m\u00a3mRepayments of principal portion of lease liability (Cash flows from financing activities) 420 400 Interest on lease liabilities (Cash flows from operating activities) 112 84 Expenses relating to short-term leases (Net operating costs) 4 2 Variable lease payments (Net operating costs) 105 105 Total cash outflow for leases 641 591 Amounts recognised in the Consolidated Income Statement:52 weeks to 53 weeks to 1 February 3 February 2025 2024 \u00a3m\u00a3mDepreciation expense of right-of-use assets 458 413 Interest on lease liabilities 112 84 Variable lease payments not included in the measurement of lease liabilities 105 105 Income from subleasing right-of-use assets (1) (1) Expenses relating to short term leases 4 2 Impairment of right-of-use assets 26 16 The Group as a LessorThe Group sub-leases some of its residential and office properties under operating leases. The Group has classified these leases as operating leases, because they\ue655do not transfer substantially all the risk and rewards incidental to the ownership of the assets. Lease income from lease contracts in which the Group acts as a lessor amounted to \u00a31 million (2024: \u00a31 million).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:213800HROV6Y9MUU8375",
"period": "2024-02-03T00:00:00/2025-02-02T00:00:00"
}
},
"f1__s9__6__69": {
"value": "Accounting PolicyThe Group leases assets which consist of properties, vehicles and equipment. The most significant leases in size are retail stores, offices and warehouses. Some leases include an option to renew the lease for an additional period after the end of the non-cancellable period. Some leases provide for changes to rent payments based\ue655on local price indices.The Group assesses whether a contract is, or contains, a lease under IFRS 16. A lease exists if the contract conveys a right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a\ue655contract conveys the right to control the use of an identified asset, the Group assesses whether the following criteria apply:\u2013 The contract involves the use of an identified asset \u2013 this may be specified explicitly or implicitly and should be physically distinct or\ue655represent substantially all of the capacity of a physically distinct asset. If the supplier has a substantive substitution right, then the asset is not identified.\u2013 The Group has the right to obtain substantially all of the economic benefits from use of the asset throughout the period of\ue655use. \u2013 The Group has the right to direct the use of the asset. The Group has this right when it has the decision-making rights that are most relevant to changing how and for what purpose the asset is used. In rare cases, the decision about how and for what purpose the asset is used is predetermined. The Group has the right to direct the use of the asset if either:\u2013 the Group has the right to operate the asset; or\u2013 the Group designed the asset in a way that predetermines how and for what purpose it will be used.At inception, or on reassessment of a contract that contains a lease component, the Group allocates the consideration in\ue655the\ue655contract to each lease component on the basis of its relative stand-alone price. On transition to IFRS 16 on 3 February 2019, the Group elected to apply the practical expedient to grandfather the assessment of which transactions are leases. It applied IFRS 16 only to contracts that were previously identified as leases. Therefore, the definition\ue655of a lease under IFRS 16 has been applied only to contracts entered into or changed on or after the transition date.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:213800HROV6Y9MUU8375",
"period": "2024-02-03T00:00:00/2025-02-02T00:00:00"
}
},
"f1__s9__6__73": {
"value": "17. Other AssetsKey MoneyMonies paid in certain countries to give leaseholders access to retail locations are capitalised within non-current assets. Key money\ue655is stated at cost less expected credit losses. The\ue655key money is recoverable on disposal of a retail location but a loss allowance is calculated if the recoverable amount is less than the historic cost. Gains/losses on key money from the\ue655subsequent disposal of\ue655these retail locations are recognised in the Consolidated Income Statement. Within key money are amounts due within one year of \u00a31 million (2024:\ue655\u00a31 million). Deposits Money paid in certain countries as deposits to store landlords as protection against non-payment of rent is capitalised within non-current assets. Deposits are stated at cost less expected credit losses. The\ue655deposit is recoverable on disposal of a retail location. Deposits are\ue655assessed for recoverability on leased stores using an IFRS 9 expected credit loss model. No loss allowance was recognised as of\ue6551\ue655January 2025 because it was assessed that the amounts are fully recoverable.\ue655Within Deposits are amounts due within one year of\ue655\u00a32\ue655million (2024: \u00a36 million).Key MoneyDepositsTotal\u00a3m\u00a3m\u00a3mCostAt 28 January 2023 14 49 63 Additions \u2013 10 10 Disposals (2) (11) (13) Exchange differences \u2013 (3) (3) At 3 February 2024 12 45 57 Additions \u2013 19 19 Disposals \u2013 (13) (13) Acquisitions 4 8 12 At 1 February 2025 16 59 75 ImpairmentAt 28 January 2023 6 \u2013 6 Disposals (3) \u2013 (3) At 3 February 2024 3 \u2013 3 Acquisitions 1 \u2013 1 At 1 February 2025 4 \u2013 4 Net book valueAt 1 February 2025 12 59 71 At 3 February 2024 9 45 54",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory",
"language": "en",
"entity": "scheme:213800HROV6Y9MUU8375",
"period": "2024-02-03T00:00:00/2025-02-02T00:00:00"
}
},
"f1__s9__6__72": {
"value": "17. Other AssetsKey MoneyMonies paid in certain countries to give leaseholders access to retail locations are capitalised within non-current assets. Key money\ue655is stated at cost less expected credit losses. The\ue655key money is recoverable on disposal of a retail location but a loss allowance is calculated if the recoverable amount is less than the historic cost. Gains/losses on key money from the\ue655subsequent disposal of\ue655these retail locations are recognised in the Consolidated Income Statement. Within key money are amounts due within one year of \u00a31 million (2024:\ue655\u00a31 million). Deposits Money paid in certain countries as deposits to store landlords as protection against non-payment of rent is capitalised within non-current assets. Deposits are stated at cost less expected credit losses. The\ue655deposit is recoverable on disposal of a retail location. Deposits are\ue655assessed for recoverability on leased stores using an IFRS 9 expected credit loss model. No loss allowance was recognised as of\ue6551\ue655January 2025 because it was assessed that the amounts are fully recoverable.\ue655Within Deposits are amounts due within one year of\ue655\u00a32\ue655million (2024: \u00a36 million).Key MoneyDepositsTotal\u00a3m\u00a3m\u00a3mCostAt 28 January 2023 14 49 63 Additions \u2013 10 10 Disposals (2) (11) (13) Exchange differences \u2013 (3) (3) At 3 February 2024 12 45 57 Additions \u2013 19 19 Disposals \u2013 (13) (13) Acquisitions 4 8 12 At 1 February 2025 16 59 75 ImpairmentAt 28 January 2023 6 \u2013 6 Disposals (3) \u2013 (3) At 3 February 2024 3 \u2013 3 Acquisitions 1 \u2013 1 At 1 February 2025 4 \u2013 4 Net book valueAt 1 February 2025 12 59 71 At 3 February 2024 9 45 54",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:213800HROV6Y9MUU8375",
"period": "2024-02-03T00:00:00/2025-02-02T00:00:00"
}
},
"f1__s9__6__78": {
"value": "Accounting PolicyThe Group\u2019s interests in equity-accounted investees comprise interests in associates and interests in joint ventures. Associates are those\ue655entities in which the Group has significant influence, but not control or joint control, over the financial\ue655and operating policies. A\ue655joint venture is an arrangement in which the Group has joint control over the financial\ue655and\ue655operating policies.Interests in associates and joint ventures are accounted for using the equity method and are initially recognised at cost and subsequently a provision for impairment is recognised where appropriate. Subsequent to initial recognition, the Consolidated Financial Statements include the Group\u2019s share of the profit or loss and\ue655other comprehensive income of equity-accounted investees, until the date on which significant influence or joint control\ue655ceases. Transactions and balances with associates and joint ventures are undertaken on a standard commercial terms. Outstanding balances are unsecured (unless otherwise stated) and will be settled in cash.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory",
"language": "en",
"entity": "scheme:213800HROV6Y9MUU8375",
"period": "2024-02-03T00:00:00/2025-02-02T00:00:00"
}
},
"f1__s9__6__80": {
"value": "Disposals in AssociatesThe Group had an equity interest in a single associate, Applied Nutrition Limited (\u2018Applied Nutrition\u2019). On 7 May 2021, the Group acquired a 32% ownership interest in, and had significant influence over, Applied Nutrition. Applied Nutrition is a sports nutrition brand which operates via wholesale activities and a trading website. On 24 October 2024, Applied Nutrition undertook an initial public offering and admitted its entire issued ordinary share capital, consisting of 250,000,000 shares, to the London Stock Exchange plc\u2019s main market for listed securities. The Group disposed of 21.58% of its shareholding in Applied Nutrition on 24 October 2024. At 1 February 2025 the Group holds 9.78% ownership in Applied Nutrition.On disposal of its 21.58% shareholding, the Group ceased to hold significant influence over Applied Nutrition and has de-recognised its investment in associate. The remaining 9.78% is accounted for as a financial asset under IFRS 9. The fair value of the retained interest at 1 February 2025 is \u00a338 million. Please refer to Note 19 for further information.A gain of \u00a351 million arising from the disposal and gain on revaluation of the retained investment on the date of classification amounting to \u00a324 million is recognised in profit and loss as an adjusting item included in \u2018Divestment and restructuring\u2019 line item.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory",
"language": "en",
"entity": "scheme:213800HROV6Y9MUU8375",
"period": "2024-02-03T00:00:00/2025-02-02T00:00:00"
}
},
"f1__s9__6__81": {
"value": "Joint VenturesOn 28 July 2024, the Group disposed of Gym King Limited (40% equity interest) a fixed asset investment in a joint venture for cash consideration of \u00a32 million. See Note 12 for further details. On 20 November 2024, the Group disposed of its 49% equity interest shareholding in a joint venture, PT JD Sports Fashion Indonesia (\u2018JD Indonesia\u2019), for cash consideration of \u00a36 million. See Note 12 for further details. Following the disposal of the above equity interests, the Group has other interests of \u00a31 million (2024: \u00a344 million).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfJointVenturesExplanatory",
"language": "en",
"entity": "scheme:213800HROV6Y9MUU8375",
"period": "2024-02-03T00:00:00/2025-02-02T00:00:00"
}
},
"f1__s9__6__83": {
"value": "19. Other InvestmentsThe Group had an equity interest in a single associate, Applied Nutrition Limited (\u2018Applied Nutrition\u2019). On 24 October 2024, Applied Nutrition undertook an initial public offering (\u201cIPO\u201d) and admitted its entire issued ordinary share capital to the London Stock Exchange plc\u2019s main market for listed securities; this led to the decision for the Group to dispose of 21.58% of its shareholding in Applied Nutrition. At 1 February 2025 the Group holds 9.78% ownership in Applied Nutrition.On disposal of its 21.58% shareholding, the Group ceased to hold significant influence over Applied Nutrition and has de-recognised its investment in associate. The remaining 9.78% is accounted for as a financial asset under IFRS 9. The fair value of the retained interest at 1 February 2025 is \u00a338 million. Please refer to note 18 for further information.The Group has made an irrevocable election to present subsequent changes in the fair value of an investment in the Applied Nutrition equity instrument in other comprehensive income. The retained investment is not held for trading. The fair value gain recognised in other comprehensive income, subsequent to the disposal, in the period is \u00a34 million.Fair value through other comprehensive income Total\u00a3m\u00a3mApplied Nutrition 38 38 Other Investments 38 38 Of which:Current \u2013 \u2013 Non-Current 38 38",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:213800HROV6Y9MUU8375",
"period": "2024-02-03T00:00:00/2025-02-02T00:00:00"
}
},
"f1__s9__6__86": {
"value": "20. Inventories2025 2024 \u00a3m\u00a3mFinished goods and goods for resale 2,021 1,593 The cost of inventories recognised as expenses and included in cost of sales for the 52 weeks ended 1\ue655February 2025 was \u00a35,995 million (2024: \u00a35,494 million).Included within inventories is \u00a31 million of deferred supplier rebates (2024: \u00a32 million).At the prior period end, net inventories \u00a314 million were transferred to assets held-for-sale (current period \u00a3Nil - see Note 37 comparative information). The Group had \u00a377 million (2024: \u00a371 million) of stock provisions at the end of the period, the movement on this provision is\ue655shown below:",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:213800HROV6Y9MUU8375",
"period": "2024-02-03T00:00:00/2025-02-02T00:00:00"
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},
"f1__s9__6__85": {
"value": "20. Inventories2025 2024 \u00a3m\u00a3mFinished goods and goods for resale 2,021 1,593 The cost of inventories recognised as expenses and included in cost of sales for the 52 weeks ended 1\ue655February 2025 was \u00a35,995 million (2024: \u00a35,494 million).Included within inventories is \u00a31 million of deferred supplier rebates (2024: \u00a32 million).At the prior period end, net inventories \u00a314 million were transferred to assets held-for-sale (current period \u00a3Nil - see Note 37 comparative information). The Group had \u00a377 million (2024: \u00a371 million) of stock provisions at the end of the period, the movement on this provision is\ue655shown below:\u00a3mAt 28 January 2023 74 Recognised 52 Released (8) Utilised (46) Divested (3) Other (1) Foreign Exchange 3 At 3 February 2024 71 Recognised 58 Released (6) Utilised (46) Divested \u2013 Other 1 Foreign Exchange (1) At 1 February 2025 77",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:213800HROV6Y9MUU8375",
"period": "2024-02-03T00:00:00/2025-02-02T00:00:00"
}
},
"f1__s9__6__89": {
"value": "21. Trade and Other ReceivablesCredit RiskThe Group\u2019s exposure to credit risk is influenced mainly by the individual characteristics of each customer. However, management also considers the factors that may influence the credit risk of its customer base, including the default risk associated with the industry and country in which customers operate. The trade receivables balances are typically held by the wholesale businesses within the Group. Each subsidiary establishes a\ue655credit policy under which each new customer is analysed individually for creditworthiness before the payment and delivery terms and conditions are offered. The Group review includes financial statements, credit agency information and industry information. Each subsidiary limits its credit exposure by setting payment periods and, in certain circumstances, these are approved by Group management. Customers are monitored by taking into account their credit characteristics: whether they are a wholesale or retail customer, their geographic location, industry, trading history with the Group and existence of previous financial difficulties. Expected Credit Loss AssessmentEach subsidiary within the Group allocates each exposure to a credit risk grade based on the data that is determined to be predictive of\ue655the risk of loss (including but not limited to external ratings, audited financial statements, management accounts and available press information about customers) and by applying experienced credit judgement. An allowance matrix is used to measure the expected credit losses (\u2018ECLs\u2019) of trade receivables from smaller customers, which comprise a large number of small balances. Loss rates are based on actual credit loss experience over the past five years, factoring in other information such as current conditions, age of the customer relationship and the view of the economic conditions over the expected lives of the receivables. The Group recognises loss allowances for ECLs on financial assets measured at amortised cost and measures the loss allowances at an amount equal to the lifetime ECLs for trade receivables.2025 2024 \u00a3m\u00a3mCurrent assetsTrade receivables 27 37 Other receivables 50 37 Forward contract asset 12 3 Prepayments 173 148 Accrued income 4 2 Right of return asset 11 26 277 253 Non-current assetsInterest rate swap \u2013 1 Other receivables 1 \u2013 1 1 The following table provides information about the exposure to credit risk and expected credit losses for trade receivables as at 1\ue655February 2025:2025 2024Gross carrying Gross carrying amountLoss allowanceNetamountLoss allowanceNet\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mNot past due 16 \u2013 16 27 \u2013 27 Past due 0 - 30 days 5 \u2013 5 2 \u2013 2 Past due 31 - 60 days 3 \u2013 3 3 \u2013 3 Past due 61 - 90 days 2 \u2013 2 \u2013 \u2013 \u2013 More than 90 days past due 6 (5) 1 6 (1) 5 32 (5) 27 38 (1) 37 At 1\ue655February 2025, the exposure to credit risk for trade receivables by geographic region was as follows:2025 2024GrossLoss allowanceNetGrossLoss allowanceNet\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mUK & ROI 7 \u2013 7 13 \u2013 13 Europe 17 (1) 16 11 (1) 10 North America 4 \u2013 4 5 \u2013 5 Rest of world 4 (4) \u2013 9 \u2013 9 Total 32 (5) 27 38 (1) 37 At 1\ue655February 2025, the exposure to credit risk for trade receivables by type of counterparty was as follows:2025 2024GrossLoss allowanceNetGrossLoss allowanceNet\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mWholesale customers 9 (1) 8 12 (1) 11 Retail customers 6 \u2013 6 4 \u2013 4 End user customers 6 \u2013 6 2 \u2013 2 (1)Other 11 (4) 7 20 \u2013 20 Total 32 (5) 27 38 (1) 37 (1) Other includes, supplier rebates, amounts owed by suppliers for contributions towards marketing promotion costs, amounts owed by Macy\u2019s relating to Finish Line sales in Macy\u2019s stores and amounts owed relating to liquidated stock.Movement on the provision is shown below:\u00a3mAt 28 January 2023 2 Created 1 Released (1) Utilised (1) At 3 February 2024 1 Created 4 Released (1) Acquired on acquisition 1 At 1 February 2025 5 As at 1 February 2025, the Group has evaluated the carrying amounts of all classes of financial assets included within the Trade and Other Receivables balance. While an allowance for expected credit losses has been recognised in respect of trade receivables, management has assessed that other receivables do not contain material credit risk.This assessment is based on the creditworthiness of the counterparties, historical loss experience, and forward-looking information. Accordingly, no material expected credit loss allowance has been recognised for these balances.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800HROV6Y9MUU8375",
"period": "2024-02-03T00:00:00/2025-02-02T00:00:00"
}
},
"f1__s9__6__90-1": {
"value": "Credit RiskThe Group\u2019s exposure to credit risk is influenced mainly by the individual characteristics of each customer. However, management also considers the factors that may influence the credit risk of its customer base, including the default risk associated with the industry and country in which customers operate. The trade receivables balances are typically held by the wholesale businesses within the Group. Each subsidiary establishes a\ue655credit policy under which each new customer is analysed individually for creditworthiness before the payment and delivery terms and conditions are offered. The Group review includes financial statements, credit agency information and industry information. Each subsidiary limits its credit exposure by setting payment periods and, in certain circumstances, these are approved by Group management. Customers are monitored by taking into account their credit characteristics: whether they are a wholesale or retail customer, their geographic location, industry, trading history with the Group and existence of previous financial difficulties.Credit RiskCredit risk arises from the possibility of customers and counterparties failing to meet their obligations to the Group. Investments of cash surpluses, borrowings and derivative instruments are made through major clearing banks, which must\ue655meet minimum credit ratings as required by the Board.All customers who wish to trade on credit terms are subject to credit verification procedures. Receivable balances are monitored on an ongoing basis and a provision is made for impairment where amounts are not thought to be recoverable (see\ue655Note 21). At the reporting date, there were no significant concentrations of credit risk, and receivables which are not impaired are believed to be\ue655recoverable.The Group considers its maximum exposure to credit risk to be equivalent to total trade and other receivables (excluding prepayments, accrued income and right of return assets) of \u00a389 million (2024: \u00a378 million) and cash and cash equivalents of\ue655\u00a3731 million (2024: \u00a31,153 million).The table below provides details of cash and cash equivalents by long-term credit rating of investment-grade rated counterparties:2025 2024 \u00a3m\u00a3mCash and cash equivalents 731 1,153 Aa1 12 111 Aa2 11 69 Aa3 4 134 A1 454 436 A2 87 225 A3 118 102 Baa1 39 41 Baa2 1 34 Baa3 1 \u2013 Ba1 3 1 Ba2 1 \u2013",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:213800HROV6Y9MUU8375",
"period": "2024-02-03T00:00:00/2025-02-02T00:00:00"
}
},
"f1__s9__6__91": {
"value": "Expected Credit Loss AssessmentEach subsidiary within the Group allocates each exposure to a credit risk grade based on the data that is determined to be predictive of\ue655the risk of loss (including but not limited to external ratings, audited financial statements, management accounts and available press information about customers) and by applying experienced credit judgement. An allowance matrix is used to measure the expected credit losses (\u2018ECLs\u2019) of trade receivables from smaller customers, which comprise a large number of small balances. Loss rates are based on actual credit loss experience over the past five years, factoring in other information such as current conditions, age of the customer relationship and the view of the economic conditions over the expected lives of the receivables. The Group recognises loss allowances for ECLs on financial assets measured at amortised cost and measures the loss allowances at an amount equal to the lifetime ECLs for trade receivables.2025 2024 \u00a3m\u00a3mCurrent assetsTrade receivables 27 37 Other receivables 50 37 Forward contract asset 12 3 Prepayments 173 148 Accrued income 4 2 Right of return asset 11 26 277 253 Non-current assetsInterest rate swap \u2013 1 Other receivables 1 \u2013 1 1 The following table provides information about the exposure to credit risk and expected credit losses for trade receivables as at 1\ue655February 2025:2025 2024Gross carrying Gross carrying amountLoss allowanceNetamountLoss allowanceNet\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mNot past due 16 \u2013 16 27 \u2013 27 Past due 0 - 30 days 5 \u2013 5 2 \u2013 2 Past due 31 - 60 days 3 \u2013 3 3 \u2013 3 Past due 61 - 90 days 2 \u2013 2 \u2013 \u2013 \u2013 More than 90 days past due 6 (5) 1 6 (1) 5 32 (5) 27 38 (1) 37 At 1\ue655February 2025, the exposure to credit risk for trade receivables by geographic region was as follows:2025 2024GrossLoss allowanceNetGrossLoss allowanceNet\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mUK & ROI 7 \u2013 7 13 \u2013 13 Europe 17 (1) 16 11 (1) 10 North America 4 \u2013 4 5 \u2013 5 Rest of world 4 (4) \u2013 9 \u2013 9 Total 32 (5) 27 38 (1) 37 At 1\ue655February 2025, the exposure to credit risk for trade receivables by type of counterparty was as follows:2025 2024GrossLoss allowanceNetGrossLoss allowanceNet\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mWholesale customers 9 (1) 8 12 (1) 11 Retail customers 6 \u2013 6 4 \u2013 4 End user customers 6 \u2013 6 2 \u2013 2 (1)Other 11 (4) 7 20 \u2013 20 Total 32 (5) 27 38 (1) 37 (1) Other includes, supplier rebates, amounts owed by suppliers for contributions towards marketing promotion costs, amounts owed by Macy\u2019s relating to Finish Line sales in Macy\u2019s stores and amounts owed relating to liquidated stock.Movement on the provision is shown below:\u00a3mAt 28 January 2023 2 Created 1 Released (1) Utilised (1) At 3 February 2024 1 Created 4 Released (1) Acquired on acquisition 1 At 1 February 2025 5 As at 1 February 2025, the Group has evaluated the carrying amounts of all classes of financial assets included within the Trade and Other Receivables balance. While an allowance for expected credit losses has been recognised in respect of trade receivables, management has assessed that other receivables do not contain material credit risk.This assessment is based on the creditworthiness of the counterparties, historical loss experience, and forward-looking information. Accordingly, no material expected credit loss allowance has been recognised for these balances.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:213800HROV6Y9MUU8375",
"period": "2024-02-03T00:00:00/2025-02-02T00:00:00"
}
},
"f1__s9__6__94": {
"value": "22. Cash and Cash EquivalentsCash at bank and in hand comprise cash balances and call deposits with an original maturity of three months or less, readily convertible to known amounts of cash, and subject to an insignificant risk of changes in value.Cash equivalents represent lodgements in transit held with a third-party payment processor. Customer payments are collected on behalf of the Group and pending settlement into the Group\u2019s primary bank account. Bank overdrafts are included as a component of cash and cash equivalents for the purpose of the Consolidated Statement of\ue655Cash\ue655Flows, as these are used as an integral part of the Group\u2019s cash management.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:213800HROV6Y9MUU8375",
"period": "2024-02-03T00:00:00/2025-02-02T00:00:00"
}
},
"f1__s9__6__93-1": {
"value": "22. Cash and Cash EquivalentsCash at bank and in hand comprise cash balances and call deposits with an original maturity of three months or less, readily convertible to known amounts of cash, and subject to an insignificant risk of changes in value.Cash equivalents represent lodgements in transit held with a third-party payment processor. Customer payments are collected on behalf of the Group and pending settlement into the Group\u2019s primary bank account. Bank overdrafts are included as a component of cash and cash equivalents for the purpose of the Consolidated Statement of\ue655Cash\ue655Flows, as these are used as an integral part of the Group\u2019s cash management.2025 2024 \u00a3m\u00a3mCash at bank and in hand 455 435 Cash equivalents 57 50 Other short term deposits < 3 months 219 668 731 1,153 At the period end, cash and cash equivalents of \u00a3Nil (2024: \u00a39 million) were transferred to assets held-for-sale (see\ue655Note\ue65537 for further information).34. Analysis of Net DebtNet debt consists of cash and cash equivalents together with other borrowings from bank loans and overdrafts, other loans, loan notes, lease liabilities and similar hire purchase contracts.OnLease acquisition &additions, disposal ofterminations, At subsidiaries,modifications 3\ue655Februaryassociates FX & At 1 2024and NCIsCash flowmovementreassessments February\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m 2025Cash and cash equivalents 1,153 76 (498) \u2013 \u2013 731 Overdrafts (60) \u2013 24 \u2013 \u2013 (36) Cash and cash equivalents(1)held-for-sale 9 \u2013 (9) \u2013 \u2013 \u2013 Cash and cash equivalents for thepurposes of the Consolidated Statementof Cash Flows 1,102 76 (483) \u2013 \u2013 695 Bank loans (70) (228) (364) 19 \u2013 (643) Lease liabilities (2,484) (381) 420 12 (626) (3,059) Total liabilities from financing activities (2,554) (609) 56 31 (626) (3,702) Net (debt)/cash (1,452) (533) (427) 31 (626) (3,007) (1) See Note 37 for details of assets held-for-sale.OnLease acquisition &additions, disposal ofterminations, At 28 subsidiaries,modifications January associates FX & At 32023 and NCIsCash flowmovementreassessments February \u00a3m\u00a3m\u00a3m\u00a3m\u00a3m 2024Cash and cash equivalents 1,508 \u2013 (327) (28) \u2013 1,153 Overdrafts (34) \u2013 (26) \u2013 (60) Cash and cash equivalentsheld-for-sale 75 \u2013 (66) \u2013 \u2013 9 Cash and cash equivalents for thepurposes of the Consolidated Statementof Cash Flows 1,549 \u2013 (419) (28) \u2013 1,102 Bank loans (80) 5 6 (1) \u2013 (70) Lease liabilities (2,384) 55 400 41 (596) (2,484) Total liabilities from financing activities (2,464) 60 406 40 (596) (2,554) Net (debt)/cash (915) 60 (13) 12 (596) (1,452) In addition to the liabilities included in the table above, the Group has accrued put and call option liabilities at 1\ue655February 2025 of\ue655\u00a3857 million (2024: \u00a3810 million), which are not classified as net debt in the note above.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:213800HROV6Y9MUU8375",
"period": "2024-02-03T00:00:00/2025-02-02T00:00:00"
}
},
"f1__s9__6__100": {
"value": "23. Interest-Bearing Loans and BorrowingsInterest-bearing borrowings are recognised initially at fair value less attributable transaction costs. Following the initial recognition, interest-bearing borrowings are stated at amortised cost with any difference between cost and redemption value being recognised in\ue655the Consolidated Income Statement over the period of the borrowings on an effective interest basis.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLoansAndReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800HROV6Y9MUU8375",
"period": "2024-02-03T00:00:00/2025-02-02T00:00:00"
}
},
"f1__s9__6__99": {
"value": "23. Interest-Bearing Loans and BorrowingsInterest-bearing borrowings are recognised initially at fair value less attributable transaction costs. Following the initial recognition, interest-bearing borrowings are stated at amortised cost with any difference between cost and redemption value being recognised in\ue655the Consolidated Income Statement over the period of the borrowings on an effective interest basis.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:213800HROV6Y9MUU8375",
"period": "2024-02-03T00:00:00/2025-02-02T00:00:00"
}
},
"f1__s9__6__98": {
"value": "23. Interest-Bearing Loans and BorrowingsInterest-bearing borrowings are recognised initially at fair value less attributable transaction costs. Following the initial recognition, interest-bearing borrowings are stated at amortised cost with any difference between cost and redemption value being recognised in\ue655the Consolidated Income Statement over the period of the borrowings on an effective interest basis.2025 2024 \u00a3m\u00a3mCurrent liabilitiesBank overdrafts 36 60 Bank facilities 48 10 Other bank loans 4 23 Bank loans and overdrafts - current 88 93 Non-current liabilitiesTerm bank loan 560 \u2013 Other bank loan 31 37 Bank loans and overdrafts - non-current 591 37 The following provides information about the contractual terms of the Group\u2019s interest-bearing loans and borrowings. For more information about the Group\u2019s exposure to interest rate risk, see Note 24.Term LoanOn 23 April 2024, the Group entered into a new Term Loan Facility Agreement for a total commitment of $1 billion (\u00a3775 million) for the purpose of acquiring Hibbett Inc. On 25th July 2024 the commitment was drawn in full to facilitate the completion of the acquisition. Post acquisition repayments have been made on the Term Loan and as at 1 February 2025 the balance remaining is $700 million (\u00a3560 million). The Term of the facility is 18 months to 23 October 2025 followed by 3 periods of 3 month extensions which are under the full control of\ue655JD Sports Fashion Plc. This takes the ultimate maturity to July 2026 should these extension options be taken. The Group is subject to\ue655covenants on consolidated net assets, net debt leverage and a fixed charge cover. The interest rate periods payable on the loan are at six month intervals with interest payable at a rate of SOFR (Secured Overnight Financing Rate) plus a margin of 1.0%.As at 1 February 2025, this facility encompassed cross guarantees between the Company, Blacks Outdoor Retail Limited, JD Sports Fashion SRL (Italy), Go Outdoors Retail Limited, Genesis Holdings, Inc., Genesis Topco, Inc. Shoe Palace Corporation, The Finish Line Inc, The Finish Line USA Inc, DTLR Inc, Genesis Finco Limited, Spodis SA, JD Sports Fashion Aus Pty, JD Sports Fashion (Ireland) Limited and Hibbett Inc. Bank Facilities UKAs at 1\ue655February 2025, the Group had a syndicated committed \u00a3700 million bank facility expiring on 6 November 2026. The Group is\ue655subject to covenants on consolidated total net assets, net debt leverage and a fixed charge cover. Under this facility, a maximum of\ue65515\ue655drawdowns can be outstanding at any time, with drawdowns made for a period of one, two, three or six months, with interest currently payable at a rate of SONIA (Sterling Overnight Index Average) plus a margin of 0.9% (2024: SONIA plus a\ue655margin of 0.9%). As at\ue6551\ue655February 2025, this facility encompassed cross guarantees between the Company, Blacks Outdoor Retail Limited, JD Sports Fashion SRL (Italy), Go Outdoors Retail Limited, Genesis Holdings, Inc., Genesis Topco, Inc. Shoe Palace Corporation, The Finish Line Inc, The Finish Line USA Inc, DTLR Inc, Genesis Finco Limited, Spodis SA, JD Sports Fashion Aus Pty, JD Sports Fashion (Ireland) Limited and Hibbett Inc.At 1\ue655February 2025, \u00a336 million was drawn down on this facility (2024: \u00a3Nil).USThe Group\u2019s second principal bank facility is a syndicated Asset Based Lending Facility in the US, which has a maximum revolving advance amount of approximately $300 million (\u00a3242 million) and expires on 24 September 2026 (2024: $300 million (\u00a3238 million)). At 1\ue655February 2025, $15 million (\u00a312 million) was\ue655drawn down on this facility (2024: $13 million (\u00a310 million)). There are no covenants on\ue655this facility and the facility is only available to the\ue655Genesis Topco Inc group of companies. The interest is payable at a rate of SOFR (Secured Overnight Financing Rate) plus a margin of 1.0%.As at\ue6551\ue655February 2025, this facility encompassed cross guarantees between the companies in the Genesis Topco Inc subgroup. Bank Loans and OverdraftsThe bank loans and overdrafts attract interest rates ranging from 0.4% to 7.0%. The overdrafts are repayable on demand and the bank\ue655loans are repayable over periods between three and 59 months. Included within bank loans and overdrafts are bank loans of \u00a3595 million (2024: \u00a360 million) and overdrafts of \u00a336 million (2024: \u00a360 million). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:213800HROV6Y9MUU8375",
"period": "2024-02-03T00:00:00/2025-02-02T00:00:00"
}
},
"f1__s9__6__97": {
"value": "23. Interest-Bearing Loans and BorrowingsInterest-bearing borrowings are recognised initially at fair value less attributable transaction costs. Following the initial recognition, interest-bearing borrowings are stated at amortised cost with any difference between cost and redemption value being recognised in\ue655the Consolidated Income Statement over the period of the borrowings on an effective interest basis.2025 2024 \u00a3m\u00a3mCurrent liabilitiesBank overdrafts 36 60 Bank facilities 48 10 Other bank loans 4 23 Bank loans and overdrafts - current 88 93 Non-current liabilitiesTerm bank loan 560 \u2013 Other bank loan 31 37 Bank loans and overdrafts - non-current 591 37 The following provides information about the contractual terms of the Group\u2019s interest-bearing loans and borrowings. For more information about the Group\u2019s exposure to interest rate risk, see Note 24.Term LoanOn 23 April 2024, the Group entered into a new Term Loan Facility Agreement for a total commitment of $1 billion (\u00a3775 million) for the purpose of acquiring Hibbett Inc. On 25th July 2024 the commitment was drawn in full to facilitate the completion of the acquisition. Post acquisition repayments have been made on the Term Loan and as at 1 February 2025 the balance remaining is $700 million (\u00a3560 million). The Term of the facility is 18 months to 23 October 2025 followed by 3 periods of 3 month extensions which are under the full control of\ue655JD Sports Fashion Plc. This takes the ultimate maturity to July 2026 should these extension options be taken. The Group is subject to\ue655covenants on consolidated net assets, net debt leverage and a fixed charge cover. The interest rate periods payable on the loan are at six month intervals with interest payable at a rate of SOFR (Secured Overnight Financing Rate) plus a margin of 1.0%.As at 1 February 2025, this facility encompassed cross guarantees between the Company, Blacks Outdoor Retail Limited, JD Sports Fashion SRL (Italy), Go Outdoors Retail Limited, Genesis Holdings, Inc., Genesis Topco, Inc. Shoe Palace Corporation, The Finish Line Inc, The Finish Line USA Inc, DTLR Inc, Genesis Finco Limited, Spodis SA, JD Sports Fashion Aus Pty, JD Sports Fashion (Ireland) Limited and Hibbett Inc. Bank Facilities UKAs at 1\ue655February 2025, the Group had a syndicated committed \u00a3700 million bank facility expiring on 6 November 2026. The Group is\ue655subject to covenants on consolidated total net assets, net debt leverage and a fixed charge cover. Under this facility, a maximum of\ue65515\ue655drawdowns can be outstanding at any time, with drawdowns made for a period of one, two, three or six months, with interest currently payable at a rate of SONIA (Sterling Overnight Index Average) plus a margin of 0.9% (2024: SONIA plus a\ue655margin of 0.9%). As at\ue6551\ue655February 2025, this facility encompassed cross guarantees between the Company, Blacks Outdoor Retail Limited, JD Sports Fashion SRL (Italy), Go Outdoors Retail Limited, Genesis Holdings, Inc., Genesis Topco, Inc. Shoe Palace Corporation, The Finish Line Inc, The Finish Line USA Inc, DTLR Inc, Genesis Finco Limited, Spodis SA, JD Sports Fashion Aus Pty, JD Sports Fashion (Ireland) Limited and Hibbett Inc.At 1\ue655February 2025, \u00a336 million was drawn down on this facility (2024: \u00a3Nil).USThe Group\u2019s second principal bank facility is a syndicated Asset Based Lending Facility in the US, which has a maximum revolving advance amount of approximately $300 million (\u00a3242 million) and expires on 24 September 2026 (2024: $300 million (\u00a3238 million)). At 1\ue655February 2025, $15 million (\u00a312 million) was\ue655drawn down on this facility (2024: $13 million (\u00a310 million)). There are no covenants on\ue655this facility and the facility is only available to the\ue655Genesis Topco Inc group of companies. The interest is payable at a rate of SOFR (Secured Overnight Financing Rate) plus a margin of 1.0%.As at\ue6551\ue655February 2025, this facility encompassed cross guarantees between the companies in the Genesis Topco Inc subgroup. Bank Loans and OverdraftsThe bank loans and overdrafts attract interest rates ranging from 0.4% to 7.0%. The overdrafts are repayable on demand and the bank\ue655loans are repayable over periods between three and 59 months. Included within bank loans and overdrafts are bank loans of \u00a3595 million (2024: \u00a360 million) and overdrafts of \u00a336 million (2024: \u00a360 million). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLoansAndAdvancesToBanksExplanatory",
"language": "en",
"entity": "scheme:213800HROV6Y9MUU8375",
"period": "2024-02-03T00:00:00/2025-02-02T00:00:00"
}
},
"f1__s9__6__104": {
"value": "24. Financial InstrumentsFinancial assets and financial liabilities are recognised in the Consolidated Statement of Financial Position when the Group becomes a\ue655party to the contractual provisions of the instrument. Financial assets are derecognised when the contractual rights to\ue655the cash flows from the financial assets expire or are transferred. Financial liabilities are derecognised when the obligation specified in the contract is discharged, is cancelled or expires.The Group recognises the following financial instruments on its Consolidated Statement of Financial Position.At fair value throughAt fair value through 2025 At amortised costprofit or lossother comprehensive \u00a3m\u00a3m\u00a3mincome \u00a3mFinancial assetsCash and cash equivalents 731 731 \u2013 \u2013 Deposits 59 59 \u2013 \u2013 Key Money 12 12 \u2013 \u2013 Trade receivables 27 27 \u2013 \u2013 Other receivables 51 51 \u2013 \u2013 Accrued income 4 4 \u2013 \u2013 (1)Other Investments 38 \u2013 \u2013 38 Foreign exchange forward contracts \u2013 non-hedged 12 \u2013 12 \u2013 Financial liabilitiesForeign exchange forward contracts \u2013 non-hedged (1) \u2013 (1) \u2013 Trade payables (840) (840) \u2013 \u2013 Other payables and accrued expenses (500) (500) \u2013 \u2013 Other payables \u2013 non-current (145) (145) \u2013 \u2013 Lease liabilities - current (493) (493) \u2013 \u2013 Lease liabilities - non-current (2,566) (2,566) \u2013 \u2013 Deferred consideration - non-current (3) (3) \u2013 \u2013 Interest-bearing loans and borrowings \u2013 current (88) (88) \u2013 \u2013 Interest-bearing loans and borrowings \u2013 non-current (591) (591) \u2013 \u2013 Put and call options held by Non-controlling interests - current (188) (188) Put and call options held by Non-controlling interests - non-current (669) (669) \u2013 \u2013 (1) On disposal of its 21.58% shareholding, the Group ceased to hold significant influence over Applied Nutrition and has de-recognised its investment in associate. The remaining 9.78% is accounted for as a financial asset under IFRS 9. The fair value of the retained interest at 1 February 2025 is \u00a338 million. Please refer to Note 19 for further information. At fair value throughAt fair value through 2024 At amortised costprofit or lossother comprehensive \u00a3m\u00a3m\u00a3mincome \u00a3mFinancial assetsCash and cash equivalents 1,153 1,153 \u2013 \u2013 Deposits 45 45 \u2013 \u2013 Key Money 9 9 \u2013 \u2013 Trade receivables 37 37 \u2013 \u2013 Other receivables 37 37 \u2013 \u2013 Accrued Income 2 2 \u2013 \u2013 Foreign exchange forward contracts \u2013 non-hedged 3 \u2013 3 \u2013 Interest rate swap 1 \u2013 1 \u2013 Financial liabilitiesForeign exchange forward contracts \u2013 non-hedged (2) \u2013 (2) \u2013 Trade payables (783) (783) \u2013 \u2013 Other payables and accrued expenses (456) (456) \u2013 \u2013 Other payables \u2013 non-current (155) (155) \u2013 \u2013 Lease liabilities - current (416) (416) \u2013 \u2013 Lease liabilities - non-current (2,068) (2,068) \u2013 \u2013 Contingent consideration \u2013 non-current (2) \u2013 (2) \u2013 Interest-bearing loans and borrowings \u2013 current (93) (93) \u2013 \u2013 Interest-bearing loans and borrowings \u2013 non-current (37) (37) \u2013 \u2013 Put and call options held by non-controlling interests (810) (810) \u2013 \u2013 Financial AssetsThe Group\u2019s financial assets are non-derivative and derivative financial assets. The non-derivative assets are initially recognised at fair value and subsequently measured at amortised cost, and are held to collect principal contractual cash flows and related interest. Credit loss allowance is calculated using lifetime expected credit losses for trade receivables and contract assets, and as 12-months expected credit loss for other assets, if the assets are considered to have low credit risk or if there was no significant increase in credit risk since initial recognition. Cash and cash equivalents comprise short-term cash deposits with major clearing banks earning floating rates of interest based upon bank base rates or rates linked to\ue655SONIA, SOFR (Secured Overnight Financing Rate), EURIBOR (Euro Interbank Offered Rate), and WIBOR (Warsaw Interbank Offer Rate).Financial LiabilitiesFinancial liabilities other than deferred consideration and foreign exchange forward contracts are initially recognised at amortised cost. Deferred consideration and foreign exchange forward contracts are recognised at fair value.Risk ManagementThe Group\u2019s operations expose it to a variety of financial risks including the effect of changes in exchange rates, interest rates, credit risk and liquidity position. The Group manages these risks through the use of derivative instruments, which are reviewed on a regular basis. There are no concentrations of risk in the period to 1\ue655February 2025 (3\ue655February 2024: None).Foreign Currency RiskThe currency profile of those monetary financial assets and liabilities subject to foreign currency risk are shown below:2025 Total Sterling Euros US Dollars Polish Zloty Australian Dollars Other Cash and cash equivalents 731 183 331 148 3 26 40 Trade receivables 27 6 14 4 2 \u2013 1 Interest-bearing loans and borrowings (679) \u2013 (86) (567) (15) (1) (10) Trade payables (840) (167) (286) (330) (12) (20) (25) Net exposure by currency (761) 22 (27) (745) (22) 5 62024 Total Sterling Euros US Dollars Polish Zloty Australian Dollars OtherCash and cash equivalents 1,153 203 360 472 4 55 59 Trade receivables 37 18 10 9 \u2013 \u2013 1 Interest-bearing loans and borrowings (130) (6) (74) \u2013 (40) \u2013 (10) Trade payables (783) (207) (216) (299) (27) (17) (18) Net exposure by currency 277 8 80 182 (63) 38 32\u2013\u2013Foreign Currency TranslationTransactions denominated in foreign currencies are translated into Sterling at the exchange rate prevailing on the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated into Sterling at the rate of exchange at\ue655the reporting date. Exchange differences in monetary items are recognised in the Consolidated Income Statement.Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates at\ue655the dates of the initial transactions. Non-monetary items measured at fair value in a foreign currency are translated using the\ue655exchange rates at the date when the fair value is determined. The gain or loss arising on translation of non-monetary items measured at fair value is treated in line with the recognition of the gain or loss on the change in fair value of the item (i.e., translation differences on items whose fair value gain or loss is recognised in Other Comprehensive Income or profit or loss are\ue655also recognised in Other Comprehensive Income or profit or loss, respectively).On consolidation, the assets and liabilities of the Group\u2019s overseas operations are translated into Sterling at the rate of\ue655exchange at the reporting date. Income and expenses are translated at the average exchange rate for the accounting period. Foreign currency differences are recognised in Other Comprehensive Income and are presented in the foreign currency translation reserve.Derivative Financial InstrumentsThe Group uses derivative financial instruments to hedge its exposure to foreign exchange risks arising from operational activities. In\ue655accordance with its Treasury Policy, the Group does not hold or issue derivative financial instruments for trading purposes. Derivative financial instruments are accounted for as held for trading, initially recognised at fair value and remeasured at each period end, with the gain or loss on remeasurement recognised in the Consolidated Income Statement as incurred. The fair value is the price that would have been received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Hedging of Monetary Assets and LiabilitiesWhere a derivative financial instrument is used to hedge the foreign exchange exposure of a recognised monetary asset or liability, no\ue655hedge accounting is applied and any gain or loss on the hedging instrument is recognised in the Consolidated Income\ue655Statement.The Group is exposed to foreign currency risk on sales and purchases that are denominated in a currency other than Pound Sterling. The currencies giving rise to this risk with principal exposure are the Euro and US Dollar, with sales and purchases made in both currencies. To protect its foreign currency position, the Group sets a buying rate in each country for the purchase of goods in US Dollars at the start of the buying season (typically six to nine months before the product actually starts to appear in the stores) and then enters into a number of local currency/US Dollar contracts whereby the minimum exchange rate on the purchase of Dollars is guaranteed. Our European supply chain strategy has continued to reduce the Sterling/Euro exposure as the European Distribution Centres increasingly source the goods in Euros and create a natural hedge. Surplus Euros are also used to fund the international store developments across Europe, thus alleviating the need for local third-party financing.As at 1\ue655February 2025, the fair value of these instruments were assets of \u00a312 million (2024: \u00a33 million) and liabilities of \u00a31 million (2024:\ue655\u00a32 million). The net asset of \u00a311 million is due within one year (2024: net asset of \u00a31 million). A gain of \u00a310 million (2024: loss of \u00a317 million) has been recognised in cost of sales within the Consolidated Income Statement for the change in\ue655fair value of these instruments.We have considered both the Group and the counterparties\u2019 credit risk and none are expected to have a material effect on the valuation of these instruments.The Group has considered the impact of a 10% strengthening or weakening of Sterling relative to the following currencies as\ue655at\ue655the reporting date. The reduction to profit before tax illustrates the impact on monetary assets and liabilities held in other currencies than the Group\u2019s presentational currency of Sterling. The reduction in equity illustrates the impact of the translation of\ue655the Group\u2019s subsidiaries whose functional currencies are different to the Group\u2019s presentational currency of Sterling plus the impact on monetary assets and liabilities held in other currencies than the Group\u2019s presentational currency of Sterling. A 10% strengthening would have reduced profit before tax and equity as follows:Profit before tax Equity2025 2024 2025 2024 \u00a3m\u00a3m\u00a3m\u00a3mEuros 3 14 61 58 US Dollars 74 13 111 167 Other 1 4 20 21 78 31 192 246 A 10.0% weakening of Sterling relative to the following currencies as at the reporting date would have increased profit before tax and equity as follows:Profit before tax Equity2025 2024 2025 2024 \u00a3m\u00a3m\u00a3m\u00a3mEuros 3 14 61 58 US Dollars 74 13 111 167 Other 1 4 20 21 78 31 192 246 Calculations are performed on the same basis as the prior period and the method assumes that all other variables remain\ue655unchanged.Interest Rate RiskThe Group finances its operations by a mixture of equity and bank borrowings. The Group\u2019s borrowings are at floating rates. Interest rate risk therefore arises from bank borrowings. The Group also has short-term cash deposits with major clearing banks earning floating rates of interest based upon bank base rates or rates linked to\ue655SONIA, SOFR (Secured Overnight Financing Rate), EURIBOR (Euro Interbank Offered Rate), and WIBOR (Warsaw Interbank Offer Rate). Interest rate risk therefore also arises from short-term cash deposits.The Directors continue to be mindful of the potential volatility in base rates, but at present do not consider a long-term interest rate hedge necessary given the inherent short-term nature of both the revolving credit facility and Asset Based Lending Facility and the fact that the Group has short-term cash deposits earning floating rates of interest which create a natural hedge. This\ue655position is reviewed regularly, along with the level of facility required.The Group has potential bank floating rate financial liabilities on the \u00a3700 million syndicated committed facility and the $300 million Asset Based Lending Facility together with overdraft facilities in subsidiary companies (see Notes 22 and 23). At\ue6551\ue655February 2025, \u00a336.0 million was drawn down from the \u00a3700 million committed facility. $15.0 million of the $300 million Asset Based\ue655Lending Facility was drawn down at 1\ue655February 2025 (2024: $13.0 million). On 23 April 2024, the Group entered into a new Term Loan Facility Agreement for a total commitment of $1 billion for the purpose of acquiring Hibbett Inc. On 25th July 2024 the commitment was drawn in full to facilitate the completion of the acquisition. Post acquisition repayments have been made on the Term Loan and as at 1 February 2025 the balance remaining is $700 million. A change of 1.0% in the average interest rates during the period, applied to the Group\u2019s floating interest rate loans and borrowings\ue655as at\ue655the reporting date, would change profit before tax by \u00a34 million (2024: \u00a30.3 million) and would change equity\ue655by \u00a34 million (2024: \u00a30.3 million). The calculation is based on any floating interest rate loans and borrowings drawn down\ue655at\ue655the\ue655period end date. Credit RiskCredit risk arises from the possibility of customers and counterparties failing to meet their obligations to the Group. Investments of cash surpluses, borrowings and derivative instruments are made through major clearing banks, which must\ue655meet minimum credit ratings as required by the Board.All customers who wish to trade on credit terms are subject to credit verification procedures. Receivable balances are monitored on an ongoing basis and a provision is made for impairment where amounts are not thought to be recoverable (see\ue655Note 21). At the reporting date, there were no significant concentrations of credit risk, and receivables which are not impaired are believed to be\ue655recoverable.The Group considers its maximum exposure to credit risk to be equivalent to total trade and other receivables (excluding prepayments, accrued income and right of return assets) of \u00a389 million (2024: \u00a378 million) and cash and cash equivalents of\ue655\u00a3731 million (2024: \u00a31,153 million).The table below provides details of cash and cash equivalents by long-term credit rating of investment-grade rated counterparties:2025 2024 \u00a3m\u00a3mCash and cash equivalents 731 1,153 Aa1 12 111 Aa2 11 69 Aa3 4 134 A1 454 436 A2 87 225 A3 118 102 Baa1 39 41 Baa2 1 34 Baa3 1 \u2013 Ba1 3 1 Ba2 1 \u2013Liquidity RiskLiquidity risk is the risk that the Group will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Group manages its cash and borrowing requirement to minimise net interest expense, whilst ensuring that the Group has sufficient liquid resources to meet the operating needs of\ue655the business. The forecast cash and borrowing profile of the Group is monitored on an ongoing basis, to ensure that adequate headroom remains under committed borrowing facilities. Further, the Board regularly reviews the current financial position and performance and assesses the future prospects of the Group. As\ue655part of this assessment, the Board reviews the Group\u2019s income and expenditure projections, cash flows and other key financial ratios along with the potential impact of, and challenges presented by, the principal risks outlined on pages 44 to 53. The Group\u2019s strategy along with the factors likely to affect the development, performance and position of the businesses are\ue655detailed throughout the Strategic Report on pages 2 to 87. In accordance with the requirements of the UK Corporate Governance Code, the Board has assessed the viability of the Group for a period of three years to 31 May 2028. See page 53 for the Group\u2019s Going Concern and Viability Statement.The following are the remaining contractual maturities of financial liabilities at the reporting date. The amounts are gross and\ue655undiscounted. 2025 0-3 months3-12 months1-2 years2-5 years> 5 years\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mNon-derivative financial instrumentsBank loans and overdrafts 708 84 31 578 13 2 (1)Trade and other payables 1,510 1,278 102 26 61 43 (2)Lease liabilities 3,714 165 485 587 1,348 1,129 (3)Put and call options 902 \u2013 192 200 510 \u2013 Derivative financial instrumentsForward contracts (gross cash outflow) 11 2 9 \u2013 \u2013 \u2013 6,845 1,529 819 1,391 1,932 1,174 (1) Trade and other payables exclude accruals related to salaries, as these are non-financial instruments. (2) This is the undiscounted value of the lease liabilities (see Note 16).(3) An assumption has been made in relation to put and call options that the payment will be made between three and six months after the option has been exercised due to the time required to complete all of the required steps in each agreement and finalise the legal agreements.2024 0-3 months3-12 months1-2 years2-5 years> 5 years\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mNon-derivative financial instrumentsBank loans and overdrafts 133 55 36 32 9 1 Trade and other payables 1,402 1,144 94 26 69 69 (1)Lease liabilities 2,946 123 367 440 1,017 999 (2)Put and call options 900 \u2013 \u2013 176 724 \u2013 Derivative financial instrumentsForward contracts (gross cash outflow) 138 41 97 \u2013 \u2013 \u2013 5,519 1,363 594 674 1,819 1,069 (1) This is the undiscounted value of the lease liabilities (see Note 16).(2) An assumption has been made in relation to put and call options that the payment will be made between three and six months after the option has been exercised due to the time required to complete all of the required steps in each agreement and finalise the legal agreements.Fair ValuesFor the following balances as shown in the Statement of Financial Position as at 52 weeks to 1\ue655February 2025, the fair value approximates the carrying value: Trade and other receivables, Cash and cash equivalents, Other investments, Interest-bearing loans and borrowings \u2013 current, Trade and other payables - current and non-current. Fair values and carrying amounts differ for the following balances as shown in the Statement of Financial Position as at 52 weeks to 1\ue655February 2025: Carrying amountFair value 2025 2025 Note\u00a3m\u00a3mInterest-bearing loans and borrowings - non-current 23 (591) (559) Unrecognised gain (32) The comparatives at 3\ue655February 2024 are as follows:Carrying Amount Fair value 2024 2024 Note\u00a3m\u00a3mInterest-bearing loans and borrowings - non-current 23 (37) (28) Unrecognised gain (9) The carrying value and fair value of the Genesis put/call option liability is approximately equal, please refer to Note 25b for further information in respect of measurement.In respect of the Group\u2019s non-current financial assets and liabilities as at 1\ue655February 2025 and 3\ue655February 2024, the fair value has been\ue655calculated by discounting contractual cash at a rate which reflects the current market assessments of the time value of money and the specific risks applicable to the liability. The valuations were categorised as level 2 in the fair value hierarchy as significant inputs to valuations are observable.Fair Value HierarchyAs at 1\ue655February 2025, the Group held non-hedged foreign exchange forward contracts which were carried at fair value on the Consolidated Statement of\ue655Financial\ue655Position. The Group uses the following hierarchy for determining and disclosing the fair value of financial instrument by\ue655valuation\ue655technique:Level 1: Quoted (unadjusted) prices in active markets for identical assets or liabilities.Level 2: Other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or\ue655indirectly.Level 3: Techniques which use inputs that have a significant affect on the recorded fair value that are not based on observable market data.Fair valueLevel 1Level 2Level 31 February 2025\u00a3m\u00a3m\u00a3m\u00a3mFinancial assets at fair value through profit and lossForeign exchange forward contracts \u2013 non-hedged 12 \u2013 12 \u2013 Other Investments 38 38 \u2013 \u2013 Financial liabilities at fair value through profit or lossForeign exchange forward contracts \u2013 non-hedged 1 \u2013 1 \u2013 Fair valueLevel 1Level 2Level 33 February 2024\u00a3m\u00a3m\u00a3m\u00a3mFinancial assets at fair value through profit and lossForeign exchange forward contracts \u2013 non-hedged 3 \u2013 3 \u2013 Interest rate swap 1 \u2013 1 \u2013 Financial liabilities at fair value through profit or lossForeign exchange forward contracts \u2013 non-hedged (2) \u2013 (2) \u2013 Contingent consideration - current \u2013 \u2013 \u2013 \u2013 Contingent consideration - non-current (2) \u2013 \u2013 (2)",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800HROV6Y9MUU8375",
"period": "2024-02-03T00:00:00/2025-02-02T00:00:00"
}
},
"f1__s9__6__103": {
"value": "24. Financial InstrumentsFinancial assets and financial liabilities are recognised in the Consolidated Statement of Financial Position when the Group becomes a\ue655party to the contractual provisions of the instrument. Financial assets are derecognised when the contractual rights to\ue655the cash flows from the financial assets expire or are transferred. Financial liabilities are derecognised when the obligation specified in the contract is discharged, is cancelled or expires.The Group recognises the following financial instruments on its Consolidated Statement of Financial Position.At fair value throughAt fair value through 2025 At amortised costprofit or lossother comprehensive \u00a3m\u00a3m\u00a3mincome \u00a3mFinancial assetsCash and cash equivalents 731 731 \u2013 \u2013 Deposits 59 59 \u2013 \u2013 Key Money 12 12 \u2013 \u2013 Trade receivables 27 27 \u2013 \u2013 Other receivables 51 51 \u2013 \u2013 Accrued income 4 4 \u2013 \u2013 (1)Other Investments 38 \u2013 \u2013 38 Foreign exchange forward contracts \u2013 non-hedged 12 \u2013 12 \u2013 Financial liabilitiesForeign exchange forward contracts \u2013 non-hedged (1) \u2013 (1) \u2013 Trade payables (840) (840) \u2013 \u2013 Other payables and accrued expenses (500) (500) \u2013 \u2013 Other payables \u2013 non-current (145) (145) \u2013 \u2013 Lease liabilities - current (493) (493) \u2013 \u2013 Lease liabilities - non-current (2,566) (2,566) \u2013 \u2013 Deferred consideration - non-current (3) (3) \u2013 \u2013 Interest-bearing loans and borrowings \u2013 current (88) (88) \u2013 \u2013 Interest-bearing loans and borrowings \u2013 non-current (591) (591) \u2013 \u2013 Put and call options held by Non-controlling interests - current (188) (188) Put and call options held by Non-controlling interests - non-current (669) (669) \u2013 \u2013 (1) On disposal of its 21.58% shareholding, the Group ceased to hold significant influence over Applied Nutrition and has de-recognised its investment in associate. The remaining 9.78% is accounted for as a financial asset under IFRS 9. The fair value of the retained interest at 1 February 2025 is \u00a338 million. Please refer to Note 19 for further information. At fair value throughAt fair value through 2024 At amortised costprofit or lossother comprehensive \u00a3m\u00a3m\u00a3mincome \u00a3mFinancial assetsCash and cash equivalents 1,153 1,153 \u2013 \u2013 Deposits 45 45 \u2013 \u2013 Key Money 9 9 \u2013 \u2013 Trade receivables 37 37 \u2013 \u2013 Other receivables 37 37 \u2013 \u2013 Accrued Income 2 2 \u2013 \u2013 Foreign exchange forward contracts \u2013 non-hedged 3 \u2013 3 \u2013 Interest rate swap 1 \u2013 1 \u2013 Financial liabilitiesForeign exchange forward contracts \u2013 non-hedged (2) \u2013 (2) \u2013 Trade payables (783) (783) \u2013 \u2013 Other payables and accrued expenses (456) (456) \u2013 \u2013 Other payables \u2013 non-current (155) (155) \u2013 \u2013 Lease liabilities - current (416) (416) \u2013 \u2013 Lease liabilities - non-current (2,068) (2,068) \u2013 \u2013 Contingent consideration \u2013 non-current (2) \u2013 (2) \u2013 Interest-bearing loans and borrowings \u2013 current (93) (93) \u2013 \u2013 Interest-bearing loans and borrowings \u2013 non-current (37) (37) \u2013 \u2013 Put and call options held by non-controlling interests (810) (810) \u2013 \u2013 Financial AssetsThe Group\u2019s financial assets are non-derivative and derivative financial assets. The non-derivative assets are initially recognised at fair value and subsequently measured at amortised cost, and are held to collect principal contractual cash flows and related interest. Credit loss allowance is calculated using lifetime expected credit losses for trade receivables and contract assets, and as 12-months expected credit loss for other assets, if the assets are considered to have low credit risk or if there was no significant increase in credit risk since initial recognition. Cash and cash equivalents comprise short-term cash deposits with major clearing banks earning floating rates of interest based upon bank base rates or rates linked to\ue655SONIA, SOFR (Secured Overnight Financing Rate), EURIBOR (Euro Interbank Offered Rate), and WIBOR (Warsaw Interbank Offer Rate).Financial LiabilitiesFinancial liabilities other than deferred consideration and foreign exchange forward contracts are initially recognised at amortised cost. Deferred consideration and foreign exchange forward contracts are recognised at fair value.Risk ManagementThe Group\u2019s operations expose it to a variety of financial risks including the effect of changes in exchange rates, interest rates, credit risk and liquidity position. The Group manages these risks through the use of derivative instruments, which are reviewed on a regular basis. There are no concentrations of risk in the period to 1\ue655February 2025 (3\ue655February 2024: None).Foreign Currency RiskThe currency profile of those monetary financial assets and liabilities subject to foreign currency risk are shown below:2025 Total Sterling Euros US Dollars Polish Zloty Australian Dollars Other Cash and cash equivalents 731 183 331 148 3 26 40 Trade receivables 27 6 14 4 2 \u2013 1 Interest-bearing loans and borrowings (679) \u2013 (86) (567) (15) (1) (10) Trade payables (840) (167) (286) (330) (12) (20) (25) Net exposure by currency (761) 22 (27) (745) (22) 5 62024 Total Sterling Euros US Dollars Polish Zloty Australian Dollars OtherCash and cash equivalents 1,153 203 360 472 4 55 59 Trade receivables 37 18 10 9 \u2013 \u2013 1 Interest-bearing loans and borrowings (130) (6) (74) \u2013 (40) \u2013 (10) Trade payables (783) (207) (216) (299) (27) (17) (18) Net exposure by currency 277 8 80 182 (63) 38 32\u2013\u2013Foreign Currency TranslationTransactions denominated in foreign currencies are translated into Sterling at the exchange rate prevailing on the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated into Sterling at the rate of exchange at\ue655the reporting date. Exchange differences in monetary items are recognised in the Consolidated Income Statement.Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates at\ue655the dates of the initial transactions. Non-monetary items measured at fair value in a foreign currency are translated using the\ue655exchange rates at the date when the fair value is determined. The gain or loss arising on translation of non-monetary items measured at fair value is treated in line with the recognition of the gain or loss on the change in fair value of the item (i.e., translation differences on items whose fair value gain or loss is recognised in Other Comprehensive Income or profit or loss are\ue655also recognised in Other Comprehensive Income or profit or loss, respectively).On consolidation, the assets and liabilities of the Group\u2019s overseas operations are translated into Sterling at the rate of\ue655exchange at the reporting date. Income and expenses are translated at the average exchange rate for the accounting period. Foreign currency differences are recognised in Other Comprehensive Income and are presented in the foreign currency translation reserve.Derivative Financial InstrumentsThe Group uses derivative financial instruments to hedge its exposure to foreign exchange risks arising from operational activities. In\ue655accordance with its Treasury Policy, the Group does not hold or issue derivative financial instruments for trading purposes. Derivative financial instruments are accounted for as held for trading, initially recognised at fair value and remeasured at each period end, with the gain or loss on remeasurement recognised in the Consolidated Income Statement as incurred. The fair value is the price that would have been received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Hedging of Monetary Assets and LiabilitiesWhere a derivative financial instrument is used to hedge the foreign exchange exposure of a recognised monetary asset or liability, no\ue655hedge accounting is applied and any gain or loss on the hedging instrument is recognised in the Consolidated Income\ue655Statement.The Group is exposed to foreign currency risk on sales and purchases that are denominated in a currency other than Pound Sterling. The currencies giving rise to this risk with principal exposure are the Euro and US Dollar, with sales and purchases made in both currencies. To protect its foreign currency position, the Group sets a buying rate in each country for the purchase of goods in US Dollars at the start of the buying season (typically six to nine months before the product actually starts to appear in the stores) and then enters into a number of local currency/US Dollar contracts whereby the minimum exchange rate on the purchase of Dollars is guaranteed. Our European supply chain strategy has continued to reduce the Sterling/Euro exposure as the European Distribution Centres increasingly source the goods in Euros and create a natural hedge. Surplus Euros are also used to fund the international store developments across Europe, thus alleviating the need for local third-party financing.As at 1\ue655February 2025, the fair value of these instruments were assets of \u00a312 million (2024: \u00a33 million) and liabilities of \u00a31 million (2024:\ue655\u00a32 million). The net asset of \u00a311 million is due within one year (2024: net asset of \u00a31 million). A gain of \u00a310 million (2024: loss of \u00a317 million) has been recognised in cost of sales within the Consolidated Income Statement for the change in\ue655fair value of these instruments.We have considered both the Group and the counterparties\u2019 credit risk and none are expected to have a material effect on the valuation of these instruments.The Group has considered the impact of a 10% strengthening or weakening of Sterling relative to the following currencies as\ue655at\ue655the reporting date. The reduction to profit before tax illustrates the impact on monetary assets and liabilities held in other currencies than the Group\u2019s presentational currency of Sterling. The reduction in equity illustrates the impact of the translation of\ue655the Group\u2019s subsidiaries whose functional currencies are different to the Group\u2019s presentational currency of Sterling plus the impact on monetary assets and liabilities held in other currencies than the Group\u2019s presentational currency of Sterling. A 10% strengthening would have reduced profit before tax and equity as follows:Profit before tax Equity2025 2024 2025 2024 \u00a3m\u00a3m\u00a3m\u00a3mEuros 3 14 61 58 US Dollars 74 13 111 167 Other 1 4 20 21 78 31 192 246 A 10.0% weakening of Sterling relative to the following currencies as at the reporting date would have increased profit before tax and equity as follows:Profit before tax Equity2025 2024 2025 2024 \u00a3m\u00a3m\u00a3m\u00a3mEuros 3 14 61 58 US Dollars 74 13 111 167 Other 1 4 20 21 78 31 192 246 Calculations are performed on the same basis as the prior period and the method assumes that all other variables remain\ue655unchanged.Interest Rate RiskThe Group finances its operations by a mixture of equity and bank borrowings. The Group\u2019s borrowings are at floating rates. Interest rate risk therefore arises from bank borrowings. The Group also has short-term cash deposits with major clearing banks earning floating rates of interest based upon bank base rates or rates linked to\ue655SONIA, SOFR (Secured Overnight Financing Rate), EURIBOR (Euro Interbank Offered Rate), and WIBOR (Warsaw Interbank Offer Rate). Interest rate risk therefore also arises from short-term cash deposits.The Directors continue to be mindful of the potential volatility in base rates, but at present do not consider a long-term interest rate hedge necessary given the inherent short-term nature of both the revolving credit facility and Asset Based Lending Facility and the fact that the Group has short-term cash deposits earning floating rates of interest which create a natural hedge. This\ue655position is reviewed regularly, along with the level of facility required.The Group has potential bank floating rate financial liabilities on the \u00a3700 million syndicated committed facility and the $300 million Asset Based Lending Facility together with overdraft facilities in subsidiary companies (see Notes 22 and 23). At\ue6551\ue655February 2025, \u00a336.0 million was drawn down from the \u00a3700 million committed facility. $15.0 million of the $300 million Asset Based\ue655Lending Facility was drawn down at 1\ue655February 2025 (2024: $13.0 million). On 23 April 2024, the Group entered into a new Term Loan Facility Agreement for a total commitment of $1 billion for the purpose of acquiring Hibbett Inc. On 25th July 2024 the commitment was drawn in full to facilitate the completion of the acquisition. Post acquisition repayments have been made on the Term Loan and as at 1 February 2025 the balance remaining is $700 million. A change of 1.0% in the average interest rates during the period, applied to the Group\u2019s floating interest rate loans and borrowings\ue655as at\ue655the reporting date, would change profit before tax by \u00a34 million (2024: \u00a30.3 million) and would change equity\ue655by \u00a34 million (2024: \u00a30.3 million). The calculation is based on any floating interest rate loans and borrowings drawn down\ue655at\ue655the\ue655period end date. Credit RiskCredit risk arises from the possibility of customers and counterparties failing to meet their obligations to the Group. Investments of cash surpluses, borrowings and derivative instruments are made through major clearing banks, which must\ue655meet minimum credit ratings as required by the Board.All customers who wish to trade on credit terms are subject to credit verification procedures. Receivable balances are monitored on an ongoing basis and a provision is made for impairment where amounts are not thought to be recoverable (see\ue655Note 21). At the reporting date, there were no significant concentrations of credit risk, and receivables which are not impaired are believed to be\ue655recoverable.The Group considers its maximum exposure to credit risk to be equivalent to total trade and other receivables (excluding prepayments, accrued income and right of return assets) of \u00a389 million (2024: \u00a378 million) and cash and cash equivalents of\ue655\u00a3731 million (2024: \u00a31,153 million).The table below provides details of cash and cash equivalents by long-term credit rating of investment-grade rated counterparties:2025 2024 \u00a3m\u00a3mCash and cash equivalents 731 1,153 Aa1 12 111 Aa2 11 69 Aa3 4 134 A1 454 436 A2 87 225 A3 118 102 Baa1 39 41 Baa2 1 34 Baa3 1 \u2013 Ba1 3 1 Ba2 1 \u2013Liquidity RiskLiquidity risk is the risk that the Group will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Group manages its cash and borrowing requirement to minimise net interest expense, whilst ensuring that the Group has sufficient liquid resources to meet the operating needs of\ue655the business. The forecast cash and borrowing profile of the Group is monitored on an ongoing basis, to ensure that adequate headroom remains under committed borrowing facilities. Further, the Board regularly reviews the current financial position and performance and assesses the future prospects of the Group. As\ue655part of this assessment, the Board reviews the Group\u2019s income and expenditure projections, cash flows and other key financial ratios along with the potential impact of, and challenges presented by, the principal risks outlined on pages 44 to 53. The Group\u2019s strategy along with the factors likely to affect the development, performance and position of the businesses are\ue655detailed throughout the Strategic Report on pages 2 to 87. In accordance with the requirements of the UK Corporate Governance Code, the Board has assessed the viability of the Group for a period of three years to 31 May 2028. See page 53 for the Group\u2019s Going Concern and Viability Statement.The following are the remaining contractual maturities of financial liabilities at the reporting date. The amounts are gross and\ue655undiscounted. 2025 0-3 months3-12 months1-2 years2-5 years> 5 years\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mNon-derivative financial instrumentsBank loans and overdrafts 708 84 31 578 13 2 (1)Trade and other payables 1,510 1,278 102 26 61 43 (2)Lease liabilities 3,714 165 485 587 1,348 1,129 (3)Put and call options 902 \u2013 192 200 510 \u2013 Derivative financial instrumentsForward contracts (gross cash outflow) 11 2 9 \u2013 \u2013 \u2013 6,845 1,529 819 1,391 1,932 1,174 (1) Trade and other payables exclude accruals related to salaries, as these are non-financial instruments. (2) This is the undiscounted value of the lease liabilities (see Note 16).(3) An assumption has been made in relation to put and call options that the payment will be made between three and six months after the option has been exercised due to the time required to complete all of the required steps in each agreement and finalise the legal agreements.2024 0-3 months3-12 months1-2 years2-5 years> 5 years\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mNon-derivative financial instrumentsBank loans and overdrafts 133 55 36 32 9 1 Trade and other payables 1,402 1,144 94 26 69 69 (1)Lease liabilities 2,946 123 367 440 1,017 999 (2)Put and call options 900 \u2013 \u2013 176 724 \u2013 Derivative financial instrumentsForward contracts (gross cash outflow) 138 41 97 \u2013 \u2013 \u2013 5,519 1,363 594 674 1,819 1,069 (1) This is the undiscounted value of the lease liabilities (see Note 16).(2) An assumption has been made in relation to put and call options that the payment will be made between three and six months after the option has been exercised due to the time required to complete all of the required steps in each agreement and finalise the legal agreements.Fair ValuesFor the following balances as shown in the Statement of Financial Position as at 52 weeks to 1\ue655February 2025, the fair value approximates the carrying value: Trade and other receivables, Cash and cash equivalents, Other investments, Interest-bearing loans and borrowings \u2013 current, Trade and other payables - current and non-current. Fair values and carrying amounts differ for the following balances as shown in the Statement of Financial Position as at 52 weeks to 1\ue655February 2025: Carrying amountFair value 2025 2025 Note\u00a3m\u00a3mInterest-bearing loans and borrowings - non-current 23 (591) (559) Unrecognised gain (32) The comparatives at 3\ue655February 2024 are as follows:Carrying Amount Fair value 2024 2024 Note\u00a3m\u00a3mInterest-bearing loans and borrowings - non-current 23 (37) (28) Unrecognised gain (9) The carrying value and fair value of the Genesis put/call option liability is approximately equal, please refer to Note 25b for further information in respect of measurement.In respect of the Group\u2019s non-current financial assets and liabilities as at 1\ue655February 2025 and 3\ue655February 2024, the fair value has been\ue655calculated by discounting contractual cash at a rate which reflects the current market assessments of the time value of money and the specific risks applicable to the liability. The valuations were categorised as level 2 in the fair value hierarchy as significant inputs to valuations are observable.Fair Value HierarchyAs at 1\ue655February 2025, the Group held non-hedged foreign exchange forward contracts which were carried at fair value on the Consolidated Statement of\ue655Financial\ue655Position. The Group uses the following hierarchy for determining and disclosing the fair value of financial instrument by\ue655valuation\ue655technique:Level 1: Quoted (unadjusted) prices in active markets for identical assets or liabilities.Level 2: Other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or\ue655indirectly.Level 3: Techniques which use inputs that have a significant affect on the recorded fair value that are not based on observable market data.Fair valueLevel 1Level 2Level 31 February 2025\u00a3m\u00a3m\u00a3m\u00a3mFinancial assets at fair value through profit and lossForeign exchange forward contracts \u2013 non-hedged 12 \u2013 12 \u2013 Other Investments 38 38 \u2013 \u2013 Financial liabilities at fair value through profit or lossForeign exchange forward contracts \u2013 non-hedged 1 \u2013 1 \u2013 Fair valueLevel 1Level 2Level 33 February 2024\u00a3m\u00a3m\u00a3m\u00a3mFinancial assets at fair value through profit and lossForeign exchange forward contracts \u2013 non-hedged 3 \u2013 3 \u2013 Interest rate swap 1 \u2013 1 \u2013 Financial liabilities at fair value through profit or lossForeign exchange forward contracts \u2013 non-hedged (2) \u2013 (2) \u2013 Contingent consideration - current \u2013 \u2013 \u2013 \u2013 Contingent consideration - non-current (2) \u2013 \u2013 (2)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800HROV6Y9MUU8375",
"period": "2024-02-03T00:00:00/2025-02-02T00:00:00"
}
},
"f1__s9__6__106": {
"value": "Financial AssetsThe Group\u2019s financial assets are non-derivative and derivative financial assets. The non-derivative assets are initially recognised at fair value and subsequently measured at amortised cost, and are held to collect principal contractual cash flows and related interest. Credit loss allowance is calculated using lifetime expected credit losses for trade receivables and contract assets, and as 12-months expected credit loss for other assets, if the assets are considered to have low credit risk or if there was no significant increase in credit risk since initial recognition. Cash and cash equivalents comprise short-term cash deposits with major clearing banks earning floating rates of interest based upon bank base rates or rates linked to\ue655SONIA, SOFR (Secured Overnight Financing Rate), EURIBOR (Euro Interbank Offered Rate), and WIBOR (Warsaw Interbank Offer Rate).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800HROV6Y9MUU8375",
"period": "2024-02-03T00:00:00/2025-02-02T00:00:00"
}
},
"f1__s9__6__107": {
"value": "Financial LiabilitiesFinancial liabilities other than deferred consideration and foreign exchange forward contracts are initially recognised at amortised cost. Deferred consideration and foreign exchange forward contracts are recognised at fair value.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800HROV6Y9MUU8375",
"period": "2024-02-03T00:00:00/2025-02-02T00:00:00"
}
},
"f1__s9__6__108": {
"value": "Risk ManagementThe Group\u2019s operations expose it to a variety of financial risks including the effect of changes in exchange rates, interest rates, credit risk and liquidity position. The Group manages these risks through the use of derivative instruments, which are reviewed on a regular basis. There are no concentrations of risk in the period to 1\ue655February 2025 (3\ue655February 2024: None).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:213800HROV6Y9MUU8375",
"period": "2024-02-03T00:00:00/2025-02-02T00:00:00"
}
},
"f1__s9__6__109": {
"value": "Foreign Currency RiskThe currency profile of those monetary financial assets and liabilities subject to foreign currency risk are shown below:2025 Total Sterling Euros US Dollars Polish Zloty Australian Dollars Other Cash and cash equivalents 731 183 331 148 3 26 40 Trade receivables 27 6 14 4 2 \u2013 1 Interest-bearing loans and borrowings (679) \u2013 (86) (567) (15) (1) (10) Trade payables (840) (167) (286) (330) (12) (20) (25) Net exposure by currency (761) 22 (27) (745) (22) 5 62024 Total Sterling Euros US Dollars Polish Zloty Australian Dollars OtherCash and cash equivalents 1,153 203 360 472 4 55 59 Trade receivables 37 18 10 9 \u2013 \u2013 1 Interest-bearing loans and borrowings (130) (6) (74) \u2013 (40) \u2013 (10) Trade payables (783) (207) (216) (299) (27) (17) (18) Net exposure by currency 277 8 80 182 (63) 38 32\u2013\u2013",
"dimensions": {
"concept": "JDS:DisclosureOfForeignExchangeRisks",
"language": "en",
"entity": "scheme:213800HROV6Y9MUU8375",
"period": "2024-02-03T00:00:00/2025-02-02T00:00:00"
}
},
"f1__s9__6__110": {
"value": "Foreign Currency TranslationTransactions denominated in foreign currencies are translated into Sterling at the exchange rate prevailing on the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated into Sterling at the rate of exchange at\ue655the reporting date. Exchange differences in monetary items are recognised in the Consolidated Income Statement.Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates at\ue655the dates of the initial transactions. Non-monetary items measured at fair value in a foreign currency are translated using the\ue655exchange rates at the date when the fair value is determined. The gain or loss arising on translation of non-monetary items measured at fair value is treated in line with the recognition of the gain or loss on the change in fair value of the item (i.e., translation differences on items whose fair value gain or loss is recognised in Other Comprehensive Income or profit or loss are\ue655also recognised in Other Comprehensive Income or profit or loss, respectively).On consolidation, the assets and liabilities of the Group\u2019s overseas operations are translated into Sterling at the rate of\ue655exchange at the reporting date. Income and expenses are translated at the average exchange rate for the accounting period. Foreign currency differences are recognised in Other Comprehensive Income and are presented in the foreign currency translation reserve.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:213800HROV6Y9MUU8375",
"period": "2024-02-03T00:00:00/2025-02-02T00:00:00"
}
},
"f1__s9__6__111": {
"value": "Derivative Financial InstrumentsThe Group uses derivative financial instruments to hedge its exposure to foreign exchange risks arising from operational activities. In\ue655accordance with its Treasury Policy, the Group does not hold or issue derivative financial instruments for trading purposes. Derivative financial instruments are accounted for as held for trading, initially recognised at fair value and remeasured at each period end, with the gain or loss on remeasurement recognised in the Consolidated Income Statement as incurred. The fair value is the price that would have been received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800HROV6Y9MUU8375",
"period": "2024-02-03T00:00:00/2025-02-02T00:00:00"
}
},
"f1__s9__6__112": {
"value": "Hedging of Monetary Assets and LiabilitiesWhere a derivative financial instrument is used to hedge the foreign exchange exposure of a recognised monetary asset or liability, no\ue655hedge accounting is applied and any gain or loss on the hedging instrument is recognised in the Consolidated Income\ue655Statement.The Group is exposed to foreign currency risk on sales and purchases that are denominated in a currency other than Pound Sterling. The currencies giving rise to this risk with principal exposure are the Euro and US Dollar, with sales and purchases made in both currencies. To protect its foreign currency position, the Group sets a buying rate in each country for the purchase of goods in US Dollars at the start of the buying season (typically six to nine months before the product actually starts to appear in the stores) and then enters into a number of local currency/US Dollar contracts whereby the minimum exchange rate on the purchase of Dollars is guaranteed. Our European supply chain strategy has continued to reduce the Sterling/Euro exposure as the European Distribution Centres increasingly source the goods in Euros and create a natural hedge. Surplus Euros are also used to fund the international store developments across Europe, thus alleviating the need for local third-party financing.As at 1\ue655February 2025, the fair value of these instruments were assets of \u00a312 million (2024: \u00a33 million) and liabilities of \u00a31 million (2024:\ue655\u00a32 million). The net asset of \u00a311 million is due within one year (2024: net asset of \u00a31 million). A gain of \u00a310 million (2024: loss of \u00a317 million) has been recognised in cost of sales within the Consolidated Income Statement for the change in\ue655fair value of these instruments.We have considered both the Group and the counterparties\u2019 credit risk and none are expected to have a material effect on the valuation of these instruments.The Group has considered the impact of a 10% strengthening or weakening of Sterling relative to the following currencies as\ue655at\ue655the reporting date. The reduction to profit before tax illustrates the impact on monetary assets and liabilities held in other currencies than the Group\u2019s presentational currency of Sterling. The reduction in equity illustrates the impact of the translation of\ue655the Group\u2019s subsidiaries whose functional currencies are different to the Group\u2019s presentational currency of Sterling plus the impact on monetary assets and liabilities held in other currencies than the Group\u2019s presentational currency of Sterling. A 10% strengthening would have reduced profit before tax and equity as follows:Profit before tax Equity2025 2024 2025 2024 \u00a3m\u00a3m\u00a3m\u00a3mEuros 3 14 61 58 US Dollars 74 13 111 167 Other 1 4 20 21 78 31 192 246 A 10.0% weakening of Sterling relative to the following currencies as at the reporting date would have increased profit before tax and equity as follows:Profit before tax Equity2025 2024 2025 2024 \u00a3m\u00a3m\u00a3m\u00a3mEuros 3 14 61 58 US Dollars 74 13 111 167 Other 1 4 20 21 78 31 192 246 Calculations are performed on the same basis as the prior period and the method assumes that all other variables remain\ue655unchanged.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:213800HROV6Y9MUU8375",
"period": "2024-02-03T00:00:00/2025-02-02T00:00:00"
}
},
"f1__s9__6__113": {
"value": "Interest Rate RiskThe Group finances its operations by a mixture of equity and bank borrowings. The Group\u2019s borrowings are at floating rates. Interest rate risk therefore arises from bank borrowings. The Group also has short-term cash deposits with major clearing banks earning floating rates of interest based upon bank base rates or rates linked to\ue655SONIA, SOFR (Secured Overnight Financing Rate), EURIBOR (Euro Interbank Offered Rate), and WIBOR (Warsaw Interbank Offer Rate). Interest rate risk therefore also arises from short-term cash deposits.The Directors continue to be mindful of the potential volatility in base rates, but at present do not consider a long-term interest rate hedge necessary given the inherent short-term nature of both the revolving credit facility and Asset Based Lending Facility and the fact that the Group has short-term cash deposits earning floating rates of interest which create a natural hedge. This\ue655position is reviewed regularly, along with the level of facility required.The Group has potential bank floating rate financial liabilities on the \u00a3700 million syndicated committed facility and the $300 million Asset Based Lending Facility together with overdraft facilities in subsidiary companies (see Notes 22 and 23). At\ue6551\ue655February 2025, \u00a336.0 million was drawn down from the \u00a3700 million committed facility. $15.0 million of the $300 million Asset Based\ue655Lending Facility was drawn down at 1\ue655February 2025 (2024: $13.0 million). On 23 April 2024, the Group entered into a new Term Loan Facility Agreement for a total commitment of $1 billion for the purpose of acquiring Hibbett Inc. On 25th July 2024 the commitment was drawn in full to facilitate the completion of the acquisition. Post acquisition repayments have been made on the Term Loan and as at 1 February 2025 the balance remaining is $700 million. A change of 1.0% in the average interest rates during the period, applied to the Group\u2019s floating interest rate loans and borrowings\ue655as at\ue655the reporting date, would change profit before tax by \u00a34 million (2024: \u00a30.3 million) and would change equity\ue655by \u00a34 million (2024: \u00a30.3 million). The calculation is based on any floating interest rate loans and borrowings drawn down\ue655at\ue655the\ue655period end date. ",
"dimensions": {
"concept": "JDS:DisclosureOfInterestRateRisks",
"language": "en",
"entity": "scheme:213800HROV6Y9MUU8375",
"period": "2024-02-03T00:00:00/2025-02-02T00:00:00"
}
},
"f1__s9__6__115": {
"value": "Liquidity RiskLiquidity risk is the risk that the Group will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Group manages its cash and borrowing requirement to minimise net interest expense, whilst ensuring that the Group has sufficient liquid resources to meet the operating needs of\ue655the business. The forecast cash and borrowing profile of the Group is monitored on an ongoing basis, to ensure that adequate headroom remains under committed borrowing facilities. Further, the Board regularly reviews the current financial position and performance and assesses the future prospects of the Group. As\ue655part of this assessment, the Board reviews the Group\u2019s income and expenditure projections, cash flows and other key financial ratios along with the potential impact of, and challenges presented by, the principal risks outlined on pages 44 to 53. The Group\u2019s strategy along with the factors likely to affect the development, performance and position of the businesses are\ue655detailed throughout the Strategic Report on pages 2 to 87. In accordance with the requirements of the UK Corporate Governance Code, the Board has assessed the viability of the Group for a period of three years to 31 May 2028. See page 53 for the Group\u2019s Going Concern and Viability Statement.The following are the remaining contractual maturities of financial liabilities at the reporting date. The amounts are gross and\ue655undiscounted. 2025 0-3 months3-12 months1-2 years2-5 years> 5 years\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mNon-derivative financial instrumentsBank loans and overdrafts 708 84 31 578 13 2 (1)Trade and other payables 1,510 1,278 102 26 61 43 (2)Lease liabilities 3,714 165 485 587 1,348 1,129 (3)Put and call options 902 \u2013 192 200 510 \u2013 Derivative financial instrumentsForward contracts (gross cash outflow) 11 2 9 \u2013 \u2013 \u2013 6,845 1,529 819 1,391 1,932 1,174 (1) Trade and other payables exclude accruals related to salaries, as these are non-financial instruments. (2) This is the undiscounted value of the lease liabilities (see Note 16).(3) An assumption has been made in relation to put and call options that the payment will be made between three and six months after the option has been exercised due to the time required to complete all of the required steps in each agreement and finalise the legal agreements.2024 0-3 months3-12 months1-2 years2-5 years> 5 years\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mNon-derivative financial instrumentsBank loans and overdrafts 133 55 36 32 9 1 Trade and other payables 1,402 1,144 94 26 69 69 (1)Lease liabilities 2,946 123 367 440 1,017 999 (2)Put and call options 900 \u2013 \u2013 176 724 \u2013 Derivative financial instrumentsForward contracts (gross cash outflow) 138 41 97 \u2013 \u2013 \u2013 5,519 1,363 594 674 1,819 1,069 (1) This is the undiscounted value of the lease liabilities (see Note 16).(2) An assumption has been made in relation to put and call options that the payment will be made between three and six months after the option has been exercised due to the time required to complete all of the required steps in each agreement and finalise the legal agreements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:213800HROV6Y9MUU8375",
"period": "2024-02-03T00:00:00/2025-02-02T00:00:00"
}
},
"f1__s9__6__116": {
"value": "Fair ValuesFor the following balances as shown in the Statement of Financial Position as at 52 weeks to 1\ue655February 2025, the fair value approximates the carrying value: Trade and other receivables, Cash and cash equivalents, Other investments, Interest-bearing loans and borrowings \u2013 current, Trade and other payables - current and non-current. Fair values and carrying amounts differ for the following balances as shown in the Statement of Financial Position as at 52 weeks to 1\ue655February 2025: Carrying amountFair value 2025 2025 Note\u00a3m\u00a3mInterest-bearing loans and borrowings - non-current 23 (591) (559) Unrecognised gain (32) The comparatives at 3\ue655February 2024 are as follows:Carrying Amount Fair value 2024 2024 Note\u00a3m\u00a3mInterest-bearing loans and borrowings - non-current 23 (37) (28) Unrecognised gain (9) The carrying value and fair value of the Genesis put/call option liability is approximately equal, please refer to Note 25b for further information in respect of measurement.In respect of the Group\u2019s non-current financial assets and liabilities as at 1\ue655February 2025 and 3\ue655February 2024, the fair value has been\ue655calculated by discounting contractual cash at a rate which reflects the current market assessments of the time value of money and",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800HROV6Y9MUU8375",
"period": "2024-02-03T00:00:00/2025-02-02T00:00:00"
}
},
"f1__s9__6__120": {
"value": "25. Trade and Other Payables and Put and Call Option LiabilitiesTrade and other payables are non-interest-bearing and are stated at their cost. 2025 2024 \u00a3m\u00a3mCurrent liabilitiesTrade payables 840 783 Other payables and accrued expenses 571 475 Forward contract liability 1 2 Refund liabilities 32 53 Other tax and social security costs 136 133 Trade and other payables 1,580 1,446 Non-current liabilitiesOther payables and accrued expenses 145 155 Other payables 145 155 2025 2024 \u00a3m\u00a3mCurrent liabilities 188 \u2013 Non-current liabilities 669 810 Total put and call option liabilities 857 810 25a. Trade and Other Payables and accrued expensesOther payables and accrued expenses include the following:Reebok brand licenceIn December 2021, the Group signed a contract with ABG Reebok LLC to license the Reebok brand in various territories. The\ue655agreement became effective during the 52 week period ended 28 January 2023. As a result, the Group has recognised an\ue655intangible asset for the use of the brand on the Balance Sheet and a liability for the discounted contractual minimum royalty payments under the initial 10 year term of \u00a365 million.Hoodrich brand licenceIn December 2023, the Group signed a contract with Hoodrich Limited to license the Hoodrich brand in various territories. The\ue655agreement became effective during the 53 week period ended 3 February 2024. As a result, the Group has recognised an intangible asset for the use of the brand on the Balance Sheet and a liability for the discounted contractual minimum royalty payments under the initial 7 year term of \u00a350 million.Football LicensesThe Group has exclusive distribution agreements with 4 European football clubs and associations. The Group has recognised an intangible asset for the use of the brands on the Balance Sheet and a liability for the discounted contractual minimum royalty payments under the agreements. The contract terms range between 3 and 10 years and the asset will be amortised over the relevant contract life. At 1 February 2025 the asset and liability amounted to \u00a316 million, \u00a33 million of the liability is current and \u00a313 million is non-current. 25b. Put and Call Option LiabilitiesPut and call options are in place over all or part of the remaining non-controlling interest shareholding in various subsidiaries. The Group recognises put and call options over non-controlling interests in its subsidiary undertakings as a liability in the Consolidated Statement of Financial Position at the present value of the estimated exercise price of the put and call option. The only material put and call option remaining as at 1\ue655February 2025 is Genesis at \u00a3831 million (2024: Genesis \u00a3763 million).The Group has used a third-party valuation expert to estimate the present value of the Group\u2019s material put and call option liabilities using a Monte-Carlo simulation model, applying a geometric Brownian motion to\ue655project the share price and an arithmetic Brownian motion for the projection of EBITDA. The option formula and multiple are stated in the option agreement allowing the strike price to be calculated from the simulated EBITDA. Upon initial recognition of put and call options, a corresponding entry is made to Other Equity (put and call option reserve), and for subsequent changes on remeasurement of the liability the corresponding entry is\ue655made to adjusting items in the Consolidated Income Statement. Inputs to the Monte-Carlo simulation modelsThe Group has used the Board approved 5-year plan to estimate profit and cash flow forecasts for future periods. In estimating the present value of the Group\u2019s material put and call option liabilities, the key inputs to the Monte-Carlo simulation models\ue655are:\u2013 The EBITDA forecasts and growth assumptions for future periods including forecast net cash/debt and forecast capital expenditure, working capital movements and taxation.\u2013 The EBITDA is projected using an Arithmetic Brownian Motion EBITDA drift. The drift for each time period is\ue655estimated from forecast EBITDA and its standard deviation is estimated from historical EBITDA data.\u2013 The risk-free discount rates, reflecting the current market assessment of the time value of money, used to discount the purchase price (subject to the option pricing cap as defined in the shareholder agreement) to present value. Other OptionsWithin other options the largest value option at FY25 is Cosmos \u00a325 million (2024 \u00a324 million). Management has used a third party valuation\ue655specialist to value the option. The valuation technique is consistent with\ue655that outlined above for material options. The remaining options are valued in house, and total \u00a31 million (2024:\ue655\u00a347 million). During the year \u00a315m of options have lapsed, partly due to the NCI being acquired outside of the option mechanics, and partly due to the divestment of entities where put and call options were held.MarketingIberian SportsInvestment GroupRetail GroupGenesis Topco IncS.A.(\u2018ISRG\u2019)(\u2018Genesis\u2019)(\u2018MIG\u2019)OtherTotal\u00a3m\u00a3m\u00a3m\u00a3mLiabilityAt 28 January 2023 206 783 52 63 1,104 Acquisitions 429 \u2013 \u2013 \u2013 429 Options lapsed and disposed during the period (197) \u2013 \u2013 (5) (202) Other movements \u2013 \u2013 \u2013 (13) (13) Options bought out (434) \u2013 (68) \u2013 (502) (Decrease)/increase in the present value ofthe existing option liability (4) (20) 16 2 (6) At 3 February 2024 \u2013 763 \u2013 47 810 Options lapsed and disposed during the period \u2013 \u2013 \u2013 (15) (15) (Decrease)/increase in the present value ofthe existing option liability \u2013 68 \u2013 (6) 62 At 1 February 2025 \u2013 831 \u2013 26 857 Sensitivity Analysis \u2013 Genesis Put and Call OptionSensitivity analysis was performed over the key variable inputs to the valuation of the Genesis put and call option. The key variable input was determined to be the EBITDA forecasts per the Board approved 5-year plan. 10% was determined to be a reasonably possible change for the EBITDA forecasts included in the approved cash flow forecasts, reflecting recent experience in levels of forecasting accuracy.The result was that:\u2013 A reduction of 10% to the forecast EBITDA would result in a reduction to the put and call option liability of \u00a3104 million (2024: \u00a392\ue655million).\u2013 An increase of 10% to the forecast EBITDA would result in an increase to the put and call option liability of \u00a392 million (2024: \u00a392 million).Option DetailsCurrent options \u2013 Options detailsRecognised atShort-term 1 FebruaryEBITDA growth Discount rate 2025(1)Company Options in existence Exercise periods Methodology Maximum priceassumptionsapplied\u00a3mGenesis Topco Put option The put options The option The option 8.2% - 16.7% 3.91% - 4.37% 831Inc.whereby JD are\ue655exercisable within price is price shall\ue655not (2024: (2024: 3.3% - Sports Fashion 30 calendar days calculated exceed 6.4%-12.5%)4.8%)Plc may be after the based on a \u00a31.46\ue655billion.required to determination of\ue655the multiple of acquire the final put/call value for earnings remaining 20% the financial period. before of\ue655the issued The first put\ue655period interest, tax, share capital of will occur\ue655after the depreciation Genesis Topco determination of the and Inc in four put/call value for the amortisation equal\ue655tranches financial period for the with\ue655the ability to ending on 1 February relevant roll\ue655over a 2025.financial tranche that has The final put option period, less not previously can be exercised post-closing been subject to within a period of 30 cash and the exercise of a calendar days after debt.put\ue655option.the end of the fiscal period ending 1\ue655February 2028.Other put option liabilities 26Total liability 857(1) FY26 of the forecast includes the first full year impact of the Hibbett acquisition.Post Balance Sheet EventIn March 2025, an amendment was made to the Genesis shareholders' agreement. Under the revised terms, the exercise periods for the\ue655Non-Controlling Interest (NCI) put option and the JD call options have been deferred and could be be paid in two equal instalments of 10% with two exercise periods, as opposed to the previous agreement of four equal instalments of 5% with four exercise periods. Any\ue655option tranche can be deferred into the following exercise period, in line with the previous agreement. Additionally there has been no other changes to key terms in the agreement, other than the exercise periods noted above.See note 39 for further details.",
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"value": "25. Trade and Other Payables and Put and Call Option LiabilitiesTrade and other payables are non-interest-bearing and are stated at their cost. 2025 2024 \u00a3m\u00a3mCurrent liabilitiesTrade payables 840 783 Other payables and accrued expenses 571 475 Forward contract liability 1 2 Refund liabilities 32 53 Other tax and social security costs 136 133 Trade and other payables 1,580 1,446 Non-current liabilitiesOther payables and accrued expenses 145 155 Other payables 145 155 2025 2024 \u00a3m\u00a3mCurrent liabilities 188 \u2013 Non-current liabilities 669 810 Total put and call option liabilities 857 810 25a. Trade and Other Payables and accrued expensesOther payables and accrued expenses include the following:Reebok brand licenceIn December 2021, the Group signed a contract with ABG Reebok LLC to license the Reebok brand in various territories. The\ue655agreement became effective during the 52 week period ended 28 January 2023. As a result, the Group has recognised an\ue655intangible asset for the use of the brand on the Balance Sheet and a liability for the discounted contractual minimum royalty payments under the initial 10 year term of \u00a365 million.Hoodrich brand licenceIn December 2023, the Group signed a contract with Hoodrich Limited to license the Hoodrich brand in various territories. The\ue655agreement became effective during the 53 week period ended 3 February 2024. As a result, the Group has recognised an intangible asset for the use of the brand on the Balance Sheet and a liability for the discounted contractual minimum royalty payments under the initial 7 year term of \u00a350 million.Football LicensesThe Group has exclusive distribution agreements with 4 European football clubs and associations. The Group has recognised an intangible asset for the use of the brands on the Balance Sheet and a liability for the discounted contractual minimum royalty payments under the agreements. The contract terms range between 3 and 10 years and the asset will be amortised over the relevant contract life. At 1 February 2025 the asset and liability amounted to \u00a316 million, \u00a33 million of the liability is current and \u00a313 million is non-current. 25b. Put and Call Option LiabilitiesPut and call options are in place over all or part of the remaining non-controlling interest shareholding in various subsidiaries. The Group recognises put and call options over non-controlling interests in its subsidiary undertakings as a liability in the Consolidated Statement of Financial Position at the present value of the estimated exercise price of the put and call option. The only material put and call option remaining as at 1\ue655February 2025 is Genesis at \u00a3831 million (2024: Genesis \u00a3763 million).The Group has used a third-party valuation expert to estimate the present value of the Group\u2019s material put and call option liabilities using a Monte-Carlo simulation model, applying a geometric Brownian motion to\ue655project the share price and an arithmetic Brownian motion for the projection of EBITDA. The option formula and multiple are stated in the option agreement allowing the strike price to be calculated from the simulated EBITDA. Upon initial recognition of put and call options, a corresponding entry is made to Other Equity (put and call option reserve), and for subsequent changes on remeasurement of the liability the corresponding entry is\ue655made to adjusting items in the Consolidated Income Statement. Inputs to the Monte-Carlo simulation modelsThe Group has used the Board approved 5-year plan to estimate profit and cash flow forecasts for future periods. In estimating the present value of the Group\u2019s material put and call option liabilities, the key inputs to the Monte-Carlo simulation models\ue655are:\u2013 The EBITDA forecasts and growth assumptions for future periods including forecast net cash/debt and forecast capital expenditure, working capital movements and taxation.\u2013 The EBITDA is projected using an Arithmetic Brownian Motion EBITDA drift. The drift for each time period is\ue655estimated from forecast EBITDA and its standard deviation is estimated from historical EBITDA data.\u2013 The risk-free discount rates, reflecting the current market assessment of the time value of money, used to discount the purchase price (subject to the option pricing cap as defined in the shareholder agreement) to present value. Other OptionsWithin other options the largest value option at FY25 is Cosmos \u00a325 million (2024 \u00a324 million). Management has used a third party valuation\ue655specialist to value the option. The valuation technique is consistent with\ue655that outlined above for material options. The remaining options are valued in house, and total \u00a31 million (2024:\ue655\u00a347 million). During the year \u00a315m of options have lapsed, partly due to the NCI being acquired outside of the option mechanics, and partly due to the divestment of entities where put and call options were held.MarketingIberian SportsInvestment GroupRetail GroupGenesis Topco IncS.A.(\u2018ISRG\u2019)(\u2018Genesis\u2019)(\u2018MIG\u2019)OtherTotal\u00a3m\u00a3m\u00a3m\u00a3mLiabilityAt 28 January 2023 206 783 52 63 1,104 Acquisitions 429 \u2013 \u2013 \u2013 429 Options lapsed and disposed during the period (197) \u2013 \u2013 (5) (202) Other movements \u2013 \u2013 \u2013 (13) (13) Options bought out (434) \u2013 (68) \u2013 (502) (Decrease)/increase in the present value ofthe existing option liability (4) (20) 16 2 (6) At 3 February 2024 \u2013 763 \u2013 47 810 Options lapsed and disposed during the period \u2013 \u2013 \u2013 (15) (15) (Decrease)/increase in the present value ofthe existing option liability \u2013 68 \u2013 (6) 62 At 1 February 2025 \u2013 831 \u2013 26 857 Sensitivity Analysis \u2013 Genesis Put and Call OptionSensitivity analysis was performed over the key variable inputs to the valuation of the Genesis put and call option. The key variable input was determined to be the EBITDA forecasts per the Board approved 5-year plan. 10% was determined to be a reasonably possible change for the EBITDA forecasts included in the approved cash flow forecasts, reflecting recent experience in levels of forecasting accuracy.The result was that:\u2013 A reduction of 10% to the forecast EBITDA would result in a reduction to the put and call option liability of \u00a3104 million (2024: \u00a392\ue655million).\u2013 An increase of 10% to the forecast EBITDA would result in an increase to the put and call option liability of \u00a392 million (2024: \u00a392 million).Option DetailsCurrent options \u2013 Options detailsRecognised atShort-term 1 FebruaryEBITDA growth Discount rate 2025(1)Company Options in existence Exercise periods Methodology Maximum priceassumptionsapplied\u00a3mGenesis Topco Put option The put options The option The option 8.2% - 16.7% 3.91% - 4.37% 831Inc.whereby JD are\ue655exercisable within price is price shall\ue655not (2024: (2024: 3.3% - Sports Fashion 30 calendar days calculated exceed 6.4%-12.5%)4.8%)Plc may be after the based on a \u00a31.46\ue655billion.required to determination of\ue655the multiple of acquire the final put/call value for earnings remaining 20% the financial period. before of\ue655the issued The first put\ue655period interest, tax, share capital of will occur\ue655after the depreciation Genesis Topco determination of the and Inc in four put/call value for the amortisation equal\ue655tranches financial period for the with\ue655the ability to ending on 1 February relevant roll\ue655over a 2025.financial tranche that has The final put option period, less not previously can be exercised post-closing been subject to within a period of 30 cash and the exercise of a calendar days after debt.put\ue655option.the end of the fiscal period ending 1\ue655February 2028.Other put option liabilities 26Total liability 857(1) FY26 of the forecast includes the first full year impact of the Hibbett acquisition.Post Balance Sheet EventIn March 2025, an amendment was made to the Genesis shareholders' agreement. Under the revised terms, the exercise periods for the\ue655Non-Controlling Interest (NCI) put option and the JD call options have been deferred and could be be paid in two equal instalments of 10% with two exercise periods, as opposed to the previous agreement of four equal instalments of 5% with four exercise periods. Any\ue655option tranche can be deferred into the following exercise period, in line with the previous agreement. Additionally there has been no other changes to key terms in the agreement, other than the exercise periods noted above.See note 39 for further details.",
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"value": "26. ProvisionsA provision is recognised in the Consolidated Statement of Financial Position when the Group has a present legal or constructive obligation as a result of a past event, it is more likely than not that an outflow of economic benefits will be required to settle the obligation and the obligation can be estimated reliably.Property ProvisionWithin the property provision, management has provided for expected dilapidations on stores and warehouses. This provision covers expected dilapidation costs for any lease considered onerous, any related to stores recently closed, stores which are\ue655planned to close or\ue655are at risk of closure and those under contract but not currently in use. Management maintains all properties to a high standard and carries out repairs whenever necessary during the Group\u2019s tenure. Therefore, if there is no risk of closure, any provision would be minimal and management does not consider it necessary to hold dilapidation provisions for these properties. The unwind of the provision will be dependent on management\u2019s decision about when a premises may be vacated, this would typically be over a five to\ue655seven year period.Other ProvisionsOther provisions comprises various other trade provisions and legal costs. The provisions are estimated based on accumulated experience, supplier communication and management approved forecasts. The unwind of the provision will be dependent on when the expected costs are incurred, this would typically be over a one to\ue655two year period.Onerous Contract ProvisionWithin the onerous contract provision, management has provided against the minimum contractual cost for the remaining term on a non-cancellable logistics services contract for the warehouse in Portugal within the Sport Zone division. The provision will be unwound over the remaining period ending 30 September 2030.PropertyOtherOnerous contractprovisionprovisionsprovisionTotal\u00a3m\u00a3m\u00a3m\u00a3mBalance at 28 January 2023 21 5 4 30 Provisions released during the period (1) (1) \u2013 (2) Provisions recognised during the period 2 3 3 8 Provisions utilised during the period (1) (3) (3) (7) Balance at 3 February 2024 21 4 4 29 Provisions released during the period (1) (2) \u2013 (3) Provisions recognised during the period 2 9 \u2013 11 Provisions acquired in the period \u2013 9 \u2013 9 Provisions utilised during the period \u2013 (8) (1) (9) At 1 February 2025 22 12 3 37 Provisions have been analysed between current and non-current as follows: 2025 2024 \u00a3m\u00a3mCurrent 10 8 Non-current 27 22 Provisions 37 30",
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"value": "28. Capital and ReservesIssued Ordinary Share CapitalThe total number of authorised ordinary shares in the year was 6,240 million (2024: 6,240 million) with a par value of 0.05 pence per share (2024: 0.05 pence per share). All issued shares are fully paid. Details of substantial shareholdings in the Group have been included in the Directors\u2019 Report on pages 94 to 95.The capital structure of the Group consists of equity attributable to equity holders of the parent, comprising issued share capital, share premium and retained earnings. The Group is not subject to any externally imposed capital requirements.It is the Board\u2019s policy to maintain a strong capital base so as to maintain investor, creditor and market confidence and to sustain future\ue655development of the business. The processes for managing the Group\u2019s capital levels are that the Board regularly monitors the net\ue655cash/debt in the business, the working capital requirements and the forecast cash flows. Based on this analysis, the Board determines the appropriate return to equity holders while ensuring sufficient capital is retained in the business to meet its strategic\ue655objectives. Full disclosure on the rights attached to shares is provided in the Directors\u2019 Report.Number ofOrdinaryShareordinary sharesshare capitalpremiummillions\u00a3m\u00a3mAt 3 February 2024 5,183.1 3 468 At 1 February 2025 5,183.1 3 468 Net Debt to Capital RatioThere were no changes to the Group\u2019s approach to capital management during the period. The Board monitors capital using a net debt to equity ratio calculated as follows:2025 2024 \u00a3m\u00a3mNet debt (note 34) 3,007 1,452 Capital:Net debt (as above) 3,007 1,452 Equity (calculated as 5,183.1 million shares in issue multiplied by 89.1 pence per share (2024: 5,183.1 (1)million shares in issue multiplied by 113.0 pence per share) 4,618 5,857 Total Capital 7,625 7,309 Net debt to capital ratio 39% 20% (1) Share prices taken as at 1\ue655February 2025 and 3\ue655February 2024 respectively.Foreign Currency Translation ReserveThe foreign currency translation reserve comprises all foreign currency differences arising from the translation of the financial statements of foreign operations.Other EquityPut and Call Option ReservePut and call options over non-controlling interests are accounted for using the present value method. Upon initial recognition of\ue655the put or call option liability, a corresponding entry is made to Put and Call Option reserve, and for subsequent changes on\ue655remeasurement of the liability, the corresponding entry is made to adjusting items in the Consolidated Income Statement (see\ue655Note 25).Share-Based Payment ReserveThe Company had four share schemes in operation during the financial year, all of which are primarily equity-settled schemes (save for a\ue655proportion of cash-settled awards granted under the JD Sports Fashion Plc LTIP (2023)). Upon initial recognition, an entry is made to\ue655Other Equity, and for subsequent changes on\ue655remeasurement of the liability, the corresponding entry is made to the Consolidated Income Statement (see Note 33).",
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"value": "28. Capital and ReservesIssued Ordinary Share CapitalThe total number of authorised ordinary shares in the year was 6,240 million (2024: 6,240 million) with a par value of 0.05 pence per share (2024: 0.05 pence per share). All issued shares are fully paid. Details of substantial shareholdings in the Group have been included in the Directors\u2019 Report on pages 94 to 95.The capital structure of the Group consists of equity attributable to equity holders of the parent, comprising issued share capital, share premium and retained earnings. The Group is not subject to any externally imposed capital requirements.It is the Board\u2019s policy to maintain a strong capital base so as to maintain investor, creditor and market confidence and to sustain future\ue655development of the business. The processes for managing the Group\u2019s capital levels are that the Board regularly monitors the net\ue655cash/debt in the business, the working capital requirements and the forecast cash flows. Based on this analysis, the Board determines the appropriate return to equity holders while ensuring sufficient capital is retained in the business to meet its strategic\ue655objectives. Full disclosure on the rights attached to shares is provided in the Directors\u2019 Report.Number ofOrdinaryShareordinary sharesshare capitalpremiummillions\u00a3m\u00a3mAt 3 February 2024 5,183.1 3 468 At 1 February 2025 5,183.1 3 468 Net Debt to Capital RatioThere were no changes to the Group\u2019s approach to capital management during the period. The Board monitors capital using a net debt to equity ratio calculated as follows:2025 2024 \u00a3m\u00a3mNet debt (note 34) 3,007 1,452 Capital:Net debt (as above) 3,007 1,452 Equity (calculated as 5,183.1 million shares in issue multiplied by 89.1 pence per share (2024: 5,183.1 (1)million shares in issue multiplied by 113.0 pence per share) 4,618 5,857 Total Capital 7,625 7,309 Net debt to capital ratio 39% 20% (1) Share prices taken as at 1\ue655February 2025 and 3\ue655February 2024 respectively.Foreign Currency Translation ReserveThe foreign currency translation reserve comprises all foreign currency differences arising from the translation of the financial statements of foreign operations.Other EquityPut and Call Option ReservePut and call options over non-controlling interests are accounted for using the present value method. Upon initial recognition of\ue655the put or call option liability, a corresponding entry is made to Put and Call Option reserve, and for subsequent changes on\ue655remeasurement of the liability, the corresponding entry is made to adjusting items in the Consolidated Income Statement (see\ue655Note 25).Share-Based Payment ReserveThe Company had four share schemes in operation during the financial year, all of which are primarily equity-settled schemes (save for a\ue655proportion of cash-settled awards granted under the JD Sports Fashion Plc LTIP (2023)). Upon initial recognition, an entry is made to\ue655Other Equity, and for subsequent changes on\ue655remeasurement of the liability, the corresponding entry is made to the Consolidated Income Statement (see Note 33).",
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"value": "29. Non-Controlling InterestsThe following disclosure provides summarised financial information for investments that have non-controlling interests (\u2018NCI\u2019). NCI\ue655is initially measured at the proportionate interest in identifiable net assets of the acquiree (see Note 11 for more detail on Acquisitions of Non-Controlling Interest and Note 12 on Divestment of Non-Controlling Interest in the period). The table below provides a list of\ue655the subsidiaries which include NCI at 1\ue655February 2025 and 3\ue655February 2024:Net incomeNet incomeattributable toattributable toNCI for 52 weeks NCI for 53 weeks NCI at NCI at ending NCI atending NCI at1 February 3 February 1 February 1 February 3 February 3 February Country of 2025 2024 2025 2025 2024 2024 Incorporation%%\u00a3m\u00a3m\u00a3m\u00a3mName of Subsidiary:Genesis Topco Inc US 20.0% 20.0% 54 433 46 385 Iberian Sports Retail Group Spain / SLPortugal \u2013% \u2013% \u2013 \u2013 13 \u2013 Marketing Investment Group S.A. Poland \u2013% \u2013% \u2013 \u2013 3 \u2013 (1)Other Various 2.5% - 40% 5% - 43% 4 17 4 27 58 450 66 412 (1) Other includes subsidiaries incorporated in the UK, France, Canada, Cyprus, Greece, and the US.The following table summarises the information relating to the Group\u2019s subsidiary that has a material NCI, Genesis Topco.Genesis Topco IncGenesis Topco Inc(sub-group) (sub-group) 2025 2024 Summarised Statement of Financial Position\u00a3m\u00a3mCurrent assets 1,240 1,050 Non-current assets 2,404 1,906 Total assets 3,644 2,956 Current liabilities (704) (666) Non-current liabilities (885) (574) Net assets 2,055 1,716 Genesis Topco IncGenesis Topco Inc(sub-group)(sub-group) 52 weeks to 53 weeks to 1 February 3 February 2025 2024 Summarised results of operations\u00a3m\u00a3mRevenue 4,243 3,443 Profit for the period, net of tax 227 215",
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"value": "30. DividendsDividend distribution to the Company\u2019s shareholders is recognised as a liability in the Group and Company financial statements in the period in which it is approved.After the reporting date, the following dividend was proposed by the Directors and will be payable to all shareholders on the register at 13 June 2025. The dividends were not provided for at the reporting date.52 weeks to 1 February 53 weeks to 2025 3 February 2024 \u00a3m\u00a3m0.67 pence per ordinary share (2024: 0.60 pence) 35 31 Dividends on Issued Ordinary Share Capital52 weeks to 53 weeks to 1 February 3 February 20252024Final dividend of 0.60 pence (2024: 0.67 pence) per qualifying ordinary share paid in respect of prior period, but not recognised as a liability in that period 31 35 Interim dividend of 0.33 pence (2024: 0.30 pence) per qualifying ordinary share paid in respect of current period 17 15 48 50",
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"value": "30. DividendsDividend distribution to the Company\u2019s shareholders is recognised as a liability in the Group and Company financial statements in the period in which it is approved.After the reporting date, the following dividend was proposed by the Directors and will be payable to all shareholders on the register at 13 June 2025. The dividends were not provided for at the reporting date.52 weeks to 1 February 53 weeks to 2025 3 February 2024 \u00a3m\u00a3m0.67 pence per ordinary share (2024: 0.60 pence) 35 31 Dividends on Issued Ordinary Share Capital52 weeks to 53 weeks to 1 February 3 February 20252024Final dividend of 0.60 pence (2024: 0.67 pence) per qualifying ordinary share paid in respect of prior period, but not recognised as a liability in that period 31 35 Interim dividend of 0.33 pence (2024: 0.30 pence) per qualifying ordinary share paid in respect of current period 17 15 48 50",
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"value": "31. CommitmentsAs at 1\ue655February 2025, the Group had entered into contracts to purchase property, plant and equipment as follows:2025 2024 \u00a3m\u00a3mContracted 54 59",
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"period": "2024-02-03T00:00:00/2025-02-02T00:00:00"
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"f1__s9__6__140": {
"value": "32. Pension SchemesThe Group operates defined contribution pension schemes, the assets of which are held separately from those of the Group in independently administered funds. Obligations for contributions to the defined contribution schemes are recognised as an\ue655expense in\ue655the Consolidated Income Statement when incurred.The pension charge for the period represents contributions payable by the Group of \u00a327 million (2024: \u00a323 million) in\ue655respect\ue655of employees. Disclosure of the pension contributions payable in respect of the Directors is included in the Directors\u2019 Remuneration Report on pages 114 to 139. The amount owed to the schemes at the period end was \u00a39 million (2024: \u00a37 million).",
"dimensions": {
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"language": "en",
"entity": "scheme:213800HROV6Y9MUU8375",
"period": "2024-02-03T00:00:00/2025-02-02T00:00:00"
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"f1__s9__6__145": {
"value": "33. Share-Based PaymentsThe share-based payment expense for the year is \u00a31 million, which is made up of share option schemes, share awards and cash-settled awards, and will be settled in equity (2024: \u00a33 million, of which \u00a32 million will be settled in equity and \u00a31 million in cash).As at the reporting date, there was no liability arising from cash-settled share-based payments (2024: \u00a3Nil).Share Option and Share SchemesThe Company had the following share schemes in operation during the financial year, all of which are primarily equity-settled schemes (save for a proportion of cash-settled awards granted under the JD Sports Fashion Plc LTIP (2023)):1. The JD Sports Fashion Plc LTIP (2021) permits the grant of a hybrid of cash and options in respect of ordinary shares to selected executives. Options are normally exercisable between the vesting date(s) set at grant and 10 years from the date of grant for nil consideration. The vesting of options will normally be conditional upon the achievement of specified performance targets over a three-year period and/or continuous employment.2. The JD Sports Fashion Plc LTIP (2022) permits the grant of a hybrid of cash and options in respect of ordinary shares to selected executives. Options are normally exercisable between the vesting date(s) set at grant and 5 years from the date of grant for nil consideration. The vesting of options will normally be conditional upon the achievement of specified performance targets over a three-year period and/or continuous employment.3. JD Sports Fashion Plc LTIP (2023) permits the grant of share options in respect of ordinary shares, share awards and cash-settled awards to selected executives. Options are normally exercisable between the vesting date(s) set at grant and 10 years from the date of grant for nil consideration. The vesting of options, share awards and cash-settled awards will normally be conditional upon the achievement of specified performance targets over a three-year period and/or continuous employment.4. JD Sports Fashion Plc LTIP (2024) permits the grant of share options in respect of ordinary shares, share awards and cash-settled awards to selected executives. Options are normally exercisable between the vesting date(s) set at grant and 10 years from the date of grant for nil consideration. The vesting of options and share awards will normally be conditional upon the achievement of specified performance targets over a three-year period and/or continuous employment.5. The Deferred Bonus Plan permits the grant of options in respect of ordinary shares to selected senior executives as a proportion of annual bonus following the completion of a required service period and is dependent on the achievement of corporate performance and individual targets. Options are normally exercisable between three and 10 years from the date of grant for nil consideration. The following tables reconcile the number of share options outstanding and the weighted average exercise price (\u2018WAEP\u2019):52 week period ended 1\ue64aFebruary 2025Long-TermLong-Term Long-Term Long-Term Deferred Bonus Incentive Plan (2021)Incentive Plan (2022)Incentive Plan (2023)Incentive Plan (2024)Plan (2024)Options WAEP (\u00a3) Options WAEP (\u00a3) Options WAEP (\u00a3) Options WAEP (\u00a3) Options WAEP (\u00a3)Outstanding as at 3 February 2024 53,225 \u2013 980,100 \u2013 20,750,183 \u2013 \u2013 \u2013 \u2013 \u2013 Options granted 549,310 \u2013 \u2013 \u2013 2,667,232 \u2013 29,349,661 \u2013 534,125 \u2013 Options forfeited \u2013 \u2013 \u2013 \u2013 (3,918,756) \u2013 \u2013 \u2013 \u2013 \u2013 Options exercised \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Options expired \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Outstanding as at 1 February 2025 602,535 \u2013 980,100 \u2013 19,498,659 \u2013 29,349,661 \u2013 534,125 \u2013 Exercise price (pence) \u2013 \u2013 \u2013 \u2013 \u2013 Exercisable at 1 February 2025 \u2013 \u2013 \u2013 \u2013 \u2013 Weighted average remaining contractual (1)life (years)0.4 \u2013 1.8 2.8 1.3Range of exercise price \u2013 \u2013 \u2013 \u2013 \u2013(1) Contractual life represents the period from award to the vesting date. Certain schemes may be exercised later than the vesting date at the discretion of the individual.53 week period ended 3\ue64aFebruary 2024Long-TermLong-Term Long-Term Incentive Plan (2021)Incentive Plan (2022)Incentive Plan (2023)Options WAEP (\u00a3) Options WAEP (\u00a3) Options WAEP (\u00a3)Outstanding as at 28 January 2023 53,225 \u2013 \u2013 \u2013 \u2013 \u2013Options granted \u2013 \u2013 980,100 \u2013 20,750,183 \u2013Options forfeited \u2013 \u2013 \u2013 \u2013 \u2013 \u2013Options exercised \u2013 \u2013 \u2013 \u2013 \u2013 \u2013Options expired \u2013 \u2013 \u2013 \u2013 \u2013 \u2013Outstanding as at 3 February 2024 53,225 \u2013 980,100 \u2013 20,750,183 \u2013Exercise price (pence) \u2013 \u2013 \u2013 \u2013 \u2013 \u2013Exercisable at 3 February 2024 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013Long-TermLong-Term Long-Term Incentive Plan Incentive Plan (2021)Incentive Plan (2022)(2023)(1)Weighted average remaining contractual life (years)2.6 3.6 2.5(1) Contractual life represents the period from award to the vesting date. Certain schemes may be exercised later than the vesting date at the discretion of the individual.The number and weighted average fair value (\u2018WAFV\u2019) of share awards granted during the financial year were:52 week period ended 53 week period ended 1\ue650February 20253\ue655February 2024(1)(2)(1)(2)Number of shares WAFV (pence) Number of shares WAFV (pence)Long-Term Incentive Plan (2021) 549,310 126.9 53,225 113.0Long-Term Incentive Plan (2022) \u2013 \u2013 980,100 129.0Long-Term Incentive Plan (2023) - equity-settled 2,667,232 126.9 20,750,183 129.0Long-Term Incentive Plan (2024) 29,349,661 131.7 \u2013 \u2013Deferred Bonus Plan 534,125 124.4 \u2013 \u2013(1)Buyout awards38,008 134.5 541,183 140.7(1) Buy-out awards granted to selected Executives during the year. Further details of these are set out below.(2) The weighted average fair value (\u2018WAFV\u2019) price is calculated as the share price at the grant date less dividends foregone over the expected life of the award.Buy-out awardsSelected executives were granted buyout awards during the year in respect of awards forfeited from their previous employer on commencement of employment with the Group. Buy-out awards are typically structured as restricted shares such that a proportion of\ue655the overall award is used to settle the tax and social security due on the award, with the net number of restricted shares subject to\ue655continued employment over a specified period. These restrictions fall away evenly over the service period and therefore the share-based payment expense has been spread over the service period.No share-based awards were modified during the financial year.During the period ended 1 February 2025, buy-out awards were issued to key management personnel with a gross value of \u00a30.09 million (period ended 3 February 2024: gross value of \u00a31.2m). Cash Settled AwardsThe number of cash-settled awards granted during the financial year were:52 weeks ending53 week period ended 1 February 20253\ue655February 2024Number of shares Number of sharesLong-Term Incentive Plan (2023) - cash-settled 641,925 3,276,854",
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"f1__s9__6__147": {
"value": "34. Analysis of Net DebtNet debt consists of cash and cash equivalents together with other borrowings from bank loans and overdrafts, other loans, loan notes, lease liabilities and similar hire purchase contracts.OnLease acquisition &additions, disposal ofterminations, At subsidiaries,modifications 3\ue655Februaryassociates FX & At 1 2024and NCIsCash flowmovementreassessments February\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m 2025Cash and cash equivalents 1,153 76 (498) \u2013 \u2013 731 Overdrafts (60) \u2013 24 \u2013 \u2013 (36) Cash and cash equivalents(1)held-for-sale 9 \u2013 (9) \u2013 \u2013 \u2013 Cash and cash equivalents for thepurposes of the Consolidated Statementof Cash Flows 1,102 76 (483) \u2013 \u2013 695 Bank loans (70) (228) (364) 19 \u2013 (643) Lease liabilities (2,484) (381) 420 12 (626) (3,059) Total liabilities from financing activities (2,554) (609) 56 31 (626) (3,702) Net (debt)/cash (1,452) (533) (427) 31 (626) (3,007) (1) See Note 37 for details of assets held-for-sale.OnLease acquisition &additions, disposal ofterminations, At 28 subsidiaries,modifications January associates FX & At 32023 and NCIsCash flowmovementreassessments February \u00a3m\u00a3m\u00a3m\u00a3m\u00a3m 2024Cash and cash equivalents 1,508 \u2013 (327) (28) \u2013 1,153 Overdrafts (34) \u2013 (26) \u2013 (60) Cash and cash equivalentsheld-for-sale 75 \u2013 (66) \u2013 \u2013 9 Cash and cash equivalents for thepurposes of the Consolidated Statementof Cash Flows 1,549 \u2013 (419) (28) \u2013 1,102 Bank loans (80) 5 6 (1) \u2013 (70) Lease liabilities (2,384) 55 400 41 (596) (2,484) Total liabilities from financing activities (2,464) 60 406 40 (596) (2,554) Net (debt)/cash (915) 60 (13) 12 (596) (1,452) In addition to the liabilities included in the table above, the Group has accrued put and call option liabilities at 1\ue655February 2025 of\ue655\u00a3857 million (2024: \u00a3810 million), which are not classified as net debt in the note above.",
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"language": "en",
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"f1__s9__6__150": {
"value": "35. Cash flows from operating activities(1)Restated52 weeks to53 weeks to 1\ue650February 3\ue655February 20252024 \u00a3m \u00a3mCash flows from operating activitiesProfit for the period 540 605 Adjustments for:Income tax expense 175 206 Finance expenses (non-adjusting) 153 102 Finance expenses (adjusting) 62 (6) Finance income (non-adjusting) (27) (39) Depreciation and amortisation of non-current assets (non-adjusting) 729 615 Depreciation and amortisation of non-current assets (adjusting) 57 49 Share based payment charge 1 3 Loss on disposal of non-current assets 18 8 Profit on disposal of subsidiaries/associates/joint ventures (adjusting) (81) \u2013 Gain on FX forward contracts (recorded in Cost of sales) (10) (17) Impairment of other intangibles and non-current assets (non-adjusting) 12 22 Impairment of goodwill and fascia names (adjusting) 5 35 Impairment of other intangibles and non-current assets (adjusting) 108 4 Other non-cash adjusting items 24 69 Share of profit of equity-accounted investees (net of tax) (5) (8) Profit before working capital changes 1,761 1,648 (Increase) in inventories (10) (196) Decrease/(increase) in trade and other receivables 32 (36) (Decrease)/increase in trade and other payables (159) 35 Cash generated from operations 1,624 1,451 (1) For the financial period ended 1\ue655February 2025, the Group has updated the adjusting items policy to include the amortisation of acquired intangible assets. Please refer to Note 4 for further details of the restatement.",
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"period": "2024-02-03T00:00:00/2025-02-02T00:00:00"
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"f1__s9__6__153": {
"value": "36. Related Party Transactions and BalancesTransactions and balances with each category of related parties during the period are shown below. Outstanding balances are unsecured (unless otherwise\ue655stated) and will be settled in cash.Transactions with Related Parties who are not Members of the GroupPentland Group LimitedDuring the financial period, Pentland Group Limited (Pentland) and its subsidiaries owned 51.6% (2024: 51.6%) of the issued ordinary share capital of JD Sports Fashion Plc. The Group made purchases of inventory from Pentland in the period and the Group also sold inventory to Pentland. The Group also paid royalty costs to Pentland Group Limited for the use of\ue655brands. During the period, the Group entered into the following transactions with Pentland:ExpenditureIncome fromExpenditure with Income fromwith relatedrelated parties related parties related parties parties 2025202520242024\u00a3m\u00a3m\u00a3m\u00a3mPurchase of inventory \u2013 (35) \u2013 (32) Royalty costs \u2013 (3) \u2013 (5) Dividends \u2013 (25) \u2013 (26) At the end of the period, the following balances were outstanding with Pentland:Amounts owed by Amounts owed to Amounts owed by Amounts owed to related parties related parties related parties related parties 2025 2025 2024 2024 \u00a3m\u00a3m\u00a3m\u00a3mTrade receivables/(payables) \u2013 \u2013 \u2013 (1) Montirex LimitedTo ensure transparency the Group voluntarily discloses transactions with Montirex whose Chairman is also a member of the JD Sports Board.During the period, the Group entered into the following transactions with Montirex:ExpenditureIncome fromExpenditure with Income fromwith relatedrelated parties related parties related parties parties 2025202520242024\u00a3m\u00a3m\u00a3m\u00a3mPurchase of inventory \u2013 (45) \u2013 (12) At the end of the period, the following balances were outstanding with Montirex:Amounts owed by Amounts owed to Amounts owed by Amounts owed to related parties related parties related parties related parties 2025 2025 2024 2024 \u00a3m\u00a3m\u00a3m\u00a3mTrade receivables/(payables) \u2013 (1) \u2013 \u2013 Associates and Joint VenturesDuring the period, the Group entered into the following transactions with its associates and joint ventures:ExpenditureIncome fromExpenditure with Income fromwith relatedrelated parties related parties related parties parties 2025 2025 2024 2024 \u00a3m\u00a3m\u00a3m\u00a3mPurchase of inventory \u2013 (2) \u2013 (3) Recharge of expenses 2 \u2013 2 \u2013 Associates and Joint Ventures continuedAt the end of the period, the Group had the following balances outstanding with its associates and joint ventures:Amounts owed by Amounts owed to Amounts owed by Amounts owed to related parties related parties related parties related parties 2025 2025 2024 2024 \u00a3m\u00a3m\u00a3m\u00a3mTrade receivables 4 \u2013 4 \u2013 Loans receivable in less than 1 year \u2013 \u2013 \u2013 \u2013 Loans receivable in more than 1 year 9 \u2013 \u2013 \u2013 Trade payables \u2013 \u2013 \u2013 \u2013 Other receivables from associates and joint ventures relate to costs incurred by the Group on behalf of these entities, which have then\ue655been recharged. The loan receivable in more than one year of \u00a39 million (2024: \u00a3Nil) is presented within other receivables within non-current assets.In addition to the above transactions a number of non-controlling interest buyout transactions occurred in the course of the financial period, as disclosed in Note 11.Transactions with Key Management PersonnelMembers of the Board of Directors and Executive Committee of JD Sports Fashion Plc are deemed to be key management personnel. The Executive Committee are comprised Heads of Centres of Excellence and Heads of Business Units as outlined on pages 92 to 93.At 1 February At 3 February 20252024Number of key management personnel:Board of Directors (including Non-executive Directors) 12 13 Executive Committee (members not on the Board of Directors) 11 11 During the period, the Group entered into the following transactions with its key management personnel:ExpenditureIncome fromExpenditure with Income fromwith relatedrelated parties related parties related parties parties 2025 2025 2024 2024 \u00a3m\u00a3m\u00a3m\u00a3mPurchase of non-controlling interest \u2013 (5) \u2013 \u2013 Property rental \u2013 (10) \u2013 (11) Purchase of non-controlling interest relates to acquisition of 2.5% minority shareholding in JD Sports Gyms Limited held by a member of key management personnel. See Note 11 for more information. At the end of the period, the Group had the following balances outstanding with its key management personnel:Amounts owed by Amounts owed to Amounts owed by Amounts owed to related parties related parties related parties related parties 2025 2025 2024 2024 \u00a3m\u00a3m\u00a3m\u00a3mTrade receivables/(payables) 1 (2) \u2013 (1) Lease liabilities relating to rented properties \u2013 (62) \u2013 (64) Cost of key management personnel compensation for the financial year is as follows: 20252024\u00a3m\u00a3mSalaries and short-term benefits 11 13 Attributable to:Board of Directors (including Non-executive Directors) 4 5 Executive Committee (members not on the Board of Directors) 7 8 11 13 The JD and Finish Line FoundationsThe Group operates two foundations that receive their income from, but independently of, JD Sports Fashion Plc: The JD Foundation and The\ue655Finish Line Foundation. The JD Foundation is dependent on all\ue655income net of VAT arising from the sale of single-use carrier bags in\ue655JD\ue655stores in England, Scotland, Wales, Northern Ireland and\ue655other European countries, as well as micro-donations from customers at\ue655the store point of sale and colleague donations and\ue655fundraising. The Finish Line Foundation is dependant on income from micro-donations from JD Sports and Finish Line customers at the point of sale, colleague\u2019s donations and fundraising from JD Sports and Finish Line\u2019s vendors. During the period, the Group entered into the following transactions with the JD and Finish Line Foundations:ExpenditureIncome fromExpenditure with Income fromwith relatedrelated parties related parties related parties parties 2025202520242024\u00a3m\u00a3m\u00a3m\u00a3mDonations \u2013 (5) \u2013 (3)",
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"period": "2024-02-03T00:00:00/2025-02-02T00:00:00"
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"f1__s9__6__154": {
"value": "Pentland Group Limited",
"dimensions": {
"concept": "ifrs-full:NameOfUltimateParentOfGroup",
"language": "en",
"entity": "scheme:213800HROV6Y9MUU8375",
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"f1__s9__6__159": {
"value": "37. Assets held-for-saleDerby Distribution CentreDuring the year, the Group closed a distribution centre in Derby, as part of its strategic operational restructuring. As at 1 February 2025, the distribution centre met the criteria to be classified as held for sale in accordance with IFRS 5 Non-current Assets Held-for-Sale.Management is committed to a plan to sell the asset and an active programme to locate a buyer and complete the sale has been initiated. The sale is expected to be completed within 12 months from the reporting date.Accordingly, the carrying amount of the right of use asset of \u00a342 million has been reclassified from right of use assets to non-current assets held-for-sale. Depreciation ceased on the date of classification. Lease liabilities of \u00a350 million were also reclassified to non current liabilities held-for-sale. See Note 16 for further detail.An impairment loss of \u00a369 million was recognised on reclassification of plant and equipment as the carrying amount of \u00a384 million exceeded fair value less costs to sell. Estimated fair value less costs to sell is \u00a315 million.Mainline Menswear Holdings LimitedThe assets related to Mainline Menswear Limited are no longer recorded as assets held-for-sale. The marketing process ceased in late\ue655June\ue6552024 as none of the interest parties was considered suitable. The non-controlling interest of 20% was purchased by the Group in October 2024 for total consideration of \u00a317 million, which includes \u00a39 million deferred consideration contingent upon the ongoing employment of the former shareholder for an agreed period. At\ue6551\ue655February 2025, Mainline Menswear Limited is wholly owned by the Group.Included in the 53 week period ended 3\ue655February 2024 was revenue of \u00a375 million and a profit before tax of \u00a311 million in\ue655respect of\ue655Mainline Menswear Holdings and its subsidiaries. Details are provided in the table below. As at 3 February 2024 \u00a3mIntangible assets 8 Property, plant and equipment 1 Right-of-use assets \u2013 Inventories 14 Trade and other receivables 2 Income tax receivable \u2013 Cash and cash equivalents 9 Assets held-for-sale 34 Lease liabilities \u2013 Trade and other payables (8) Liabilities held-for-sale (8)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialLiabilitiesHeldForTradingExplanatory",
"language": "en",
"entity": "scheme:213800HROV6Y9MUU8375",
"period": "2024-02-03T00:00:00/2025-02-02T00:00:00"
}
},
"f1__s9__6__158": {
"value": "37. Assets held-for-saleDerby Distribution CentreDuring the year, the Group closed a distribution centre in Derby, as part of its strategic operational restructuring. As at 1 February 2025, the distribution centre met the criteria to be classified as held for sale in accordance with IFRS 5 Non-current Assets Held-for-Sale.Management is committed to a plan to sell the asset and an active programme to locate a buyer and complete the sale has been initiated. The sale is expected to be completed within 12 months from the reporting date.Accordingly, the carrying amount of the right of use asset of \u00a342 million has been reclassified from right of use assets to non-current assets held-for-sale. Depreciation ceased on the date of classification. Lease liabilities of \u00a350 million were also reclassified to non current liabilities held-for-sale. See Note 16 for further detail.An impairment loss of \u00a369 million was recognised on reclassification of plant and equipment as the carrying amount of \u00a384 million exceeded fair value less costs to sell. Estimated fair value less costs to sell is \u00a315 million.Mainline Menswear Holdings LimitedThe assets related to Mainline Menswear Limited are no longer recorded as assets held-for-sale. The marketing process ceased in late\ue655June\ue6552024 as none of the interest parties was considered suitable. The non-controlling interest of 20% was purchased by the Group in October 2024 for total consideration of \u00a317 million, which includes \u00a39 million deferred consideration contingent upon the ongoing employment of the former shareholder for an agreed period. At\ue6551\ue655February 2025, Mainline Menswear Limited is wholly owned by the Group.Included in the 53 week period ended 3\ue655February 2024 was revenue of \u00a375 million and a profit before tax of \u00a311 million in\ue655respect of\ue655Mainline Menswear Holdings and its subsidiaries. Details are provided in the table below. As at 3 February 2024 \u00a3mIntangible assets 8 Property, plant and equipment 1 Right-of-use assets \u2013 Inventories 14 Trade and other receivables 2 Income tax receivable \u2013 Cash and cash equivalents 9 Assets held-for-sale 34 Lease liabilities \u2013 Trade and other payables (8) Liabilities held-for-sale (8)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialAssetsHeldForTradingExplanatory",
"language": "en",
"entity": "scheme:213800HROV6Y9MUU8375",
"period": "2024-02-03T00:00:00/2025-02-02T00:00:00"
}
},
"f1__s9__6__157": {
"value": "37. Assets held-for-saleDerby Distribution CentreDuring the year, the Group closed a distribution centre in Derby, as part of its strategic operational restructuring. As at 1 February 2025, the distribution centre met the criteria to be classified as held for sale in accordance with IFRS 5 Non-current Assets Held-for-Sale.Management is committed to a plan to sell the asset and an active programme to locate a buyer and complete the sale has been initiated. The sale is expected to be completed within 12 months from the reporting date.Accordingly, the carrying amount of the right of use asset of \u00a342 million has been reclassified from right of use assets to non-current assets held-for-sale. Depreciation ceased on the date of classification. Lease liabilities of \u00a350 million were also reclassified to non current liabilities held-for-sale. See Note 16 for further detail.An impairment loss of \u00a369 million was recognised on reclassification of plant and equipment as the carrying amount of \u00a384 million exceeded fair value less costs to sell. Estimated fair value less costs to sell is \u00a315 million.Mainline Menswear Holdings LimitedThe assets related to Mainline Menswear Limited are no longer recorded as assets held-for-sale. The marketing process ceased in late\ue655June\ue6552024 as none of the interest parties was considered suitable. The non-controlling interest of 20% was purchased by the Group in October 2024 for total consideration of \u00a317 million, which includes \u00a39 million deferred consideration contingent upon the ongoing employment of the former shareholder for an agreed period. At\ue6551\ue655February 2025, Mainline Menswear Limited is wholly owned by the Group.Included in the 53 week period ended 3\ue655February 2024 was revenue of \u00a375 million and a profit before tax of \u00a311 million in\ue655respect of\ue655Mainline Menswear Holdings and its subsidiaries. Details are provided in the table below. As at 3 February 2024 \u00a3mIntangible assets 8 Property, plant and equipment 1 Right-of-use assets \u2013 Inventories 14 Trade and other receivables 2 Income tax receivable \u2013 Cash and cash equivalents 9 Assets held-for-sale 34 Lease liabilities \u2013 Trade and other payables (8) Liabilities held-for-sale (8)",
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"language": "en",
"entity": "scheme:213800HROV6Y9MUU8375",
"period": "2024-02-03T00:00:00/2025-02-02T00:00:00"
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"f1__s9__6__161": {
"value": "38. Contingent LiabilitiesAccounting policiesContingent liabilities are potential future cash outflows, where the likelihood of payment is considered more than remote but is not considerable probable or cannot be fully measured.Claims and LitigationThe activities of the Group are overseen by regulators around the world and, whilst the Group strives to ensure full compliance with all its regulatory obligations, periodic reviews are inevitable, which may result in a financial penalty. If the risk of a financial penalty arising from one of these reviews is more than remote but not probable or cannot be measured reliably then the Group will disclose this matter as a contingent liability. If the risk of a financial penalty is considered probable and can be measured reliably then the Group would make a provision for this matter.The Group had no material contingent liabilities at 1\ue655February 2025 (2024: none).",
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"language": "en",
"entity": "scheme:213800HROV6Y9MUU8375",
"period": "2024-02-03T00:00:00/2025-02-02T00:00:00"
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},
"f1__s9__6__165": {
"value": "39. Post Balance Sheet EventsGenesis Put and Call AmendmentIn March 2025, an amendment was made to the Genesis shareholders' agreement. Under the revised terms, the exercise periods for the Non-Controlling Interest (NCI) put option and the JD call options have been deferred and will now be paid in two equal instalments of 10% with two exercise periods, as opposed to the previous agreement of four equal instalments of 5%.The first exercise period for the options will now occur following the financial year ending in 2029, and the second exercise period will\ue655be following the financial year ending in 2030. As a result of this change, the current portion of the liability will be presented as non-current at FY26. The method for calculating the option price remains unchanged and continues to be based on a multiple of earnings before interest, tax, depreciation, and amortisation (EBITDA) for the relevant financial period, adjusted for post-closing cash and debt. The cap on the total liability remains unchanged at \u00a31.5 billion.Based on a risk-free discount rate, in accordance with accounting standards for valuing this liability, the Genesis put/call valuation present value is expected to increase by approximately \u00a3250 million. If JD North America\u2019s WACC rate were to be used (see Note 13) as the discount rate, the present value of the liability is broadly unchanged as a result of the deferral.Share BuybackAs announced on 9 April 2025, the company has commenced an initial share buyback programme to repurchase ordinary shares with a\ue655market value of up to \u00a3100 million. The purpose of the programme is to reduce share capital and, accordingly, the shares repurchased are subsequently cancelled or held in treasury. The programme will complete no later than 31 July 2025.",
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"value": "40. Subsidiary Undertakings (including Joint Ventures and Associates)The following companies were the subsidiary undertakings of JD Sports Fashion Plc at 1\ue655February 2025:Ownership andPlace of voting rights Name of subsidiaryregistration Registered address Nature of businessinterest24Sevenbikes Ltd^ UK Hollinsbrook Way, Pilsworth, Bury, Non-trading 100%Lancashire, BL9 8RR2Squared Agency Limited UK Hollinsbrook Way, Pilsworth, Bury, Non-trading 100%Lancashire, BL9 8RRA Number of Names Limited UK Hollinsbrook Way, Pilsworth, Bury, Trading 100%Lancashire, BL9 8RRActivInstinct Holdings Limited UK Hollinsbrook Way, Pilsworth, Bury, Non-trading 100%Lancashire, BL9 8RRActivInstinct Limited^ UK Hollinsbrook Way, Pilsworth, Bury, Non-trading 100%Lancashire, BL9 8RRAllsports.co.uk Limited^ UK Hollinsbrook Way, Pilsworth, Bury, Non-trading 100%Lancashire, BL9 8RRAlpine Bikes Limited^ UK 41 Commercial Street, Leith, Edinburgh, Non-trading 100%EH6 6JDAlpine Group (Scotland) Limited^ UK 41 Commercial Street, Leith, Edinburgh, Non-trading 100%EH6 6JDAspecto Holdings Limited UK Hollinsbrook Way, Pilsworth, Bury, Non-trading 100%Lancashire, BL9 8RRAspecto Trading Limited^ UK Hollinsbrook Way, Pilsworth, Bury, Non-trading 100%Lancashire, BL9 8RRAthleisure Limited UK Hollinsbrook Way, Pilsworth, Bury, Non-trading 100%Lancashire, BL9 8RRBlacks Outdoor Retail Limited UK Hollinsbrook Way, Pilsworth, Bury, Trading 100%Lancashire, BL9 8RRChampion Retail Limited^ ROI Fitzwilliam 28, Fitzwilliam Street Lower, Non-trading 100%Dublin 2, D02\ue655KF20 IrelandChampion Sports (Holdings) ROI Fitzwilliam 28, Fitzwilliam Street Lower, Non-trading 100%Unlimited^Dublin 2, D02\ue655KF20 IrelandChampion Sports Group Limited^ ROI Fitzwilliam 28, Fitzwilliam Street Lower, Non-trading 100%Dublin 2, D02\ue655KF20 IrelandChampion Sports Ireland Unlimited^ ROI Fitzwilliam 28, Fitzwilliam Street Lower, Trading 100%Dublin 2, D02\ue655KF20 IrelandChampion Sports Newco Limited^ ROI Fitzwilliam 28, Fitzwilliam Street Lower, Non-trading 100%Dublin 2, D02\ue655KF20 IrelandCity Gear, LLC^ US 2700 Milan Court, Birmingham, Trading 80%Alabama 35211Cloggs Online Limited UK Hollinsbrook Way, Pilsworth, Bury, Non-trading 100%Lancashire, BL9 8RRCosmos Sport Commercial, Hotel Greece 148, 62 Martiron Ave. 71303, Kaminia, Trading 80%and Tourism Soci\u00e9t\u00e9 Anonyme^Heraklion, CreteCosmossport Trading (Cyprus) Cyprus 11 Michail Paridi, 1095, Nicosia Trading 80%Limited^Courir Belgium S\u00e0arl^ Belgium 57 Rue chauss\u00e9e d\u2019Ixelles, 1050 \u2013 Ixelles Trading 100%Courir France SAS^ France 91 avenue Ledru Rollin, 75011 Trading 100%Courir Ib\u00e9ria S.L.^ Spain 514 carretera Muntaner P3 PTA 2, Trading 100%Sarri\u00e0-Sant Gervasi, 08022Courir Italia SRL^ Italy 94 Viale Abruzzi 20131 Trading 100%Courir Luxembourg SARL^ Luxembourg 25 Boulevard F.W Raiffeisen 2411 Trading 100%Courir Netherlands B.V.^ Netherlands Kazernestraat 88 D, 2514CW Trading 100%Courir Portugal Lda^ Portugal Avenida da Rep\u00fablica, n\u00ba 50, 10\u00ba , 1069 Trading 100%Deporvillage S.L.^ Spain C/ Tines, Pol. Ind. el Grau, 32-34, Sant Trading 98%Fruit\u00f3s de Bages 08272, BarcelonaDTLR, Inc^ US 1300 Mercedes Drive, Hanover, MD Trading 80%21076Duffer of St George Limited UK Hollinsbrook Way, Pilsworth, Bury, Non-trading 100%Lancashire, BL9 8RRExclusive Footwear Limited UK Hollinsbrook Way, Pilsworth, Bury, Non-trading 90%Lancashire, BL9 8RR40. Subsidiary Undertakings (including Joint Ventures and Associates) continuedOwnership andPlace of voting rights Name of subsidiaryregistration Registered address Nature of businessinterestFinish Line Transportation, Inc^ US 3308 N. Mitthoeffer Rd. Indianapolis, IN Trading 80%46235First Sport Limited^ UK Hollinsbrook Way, Pilsworth, Bury, Non-trading 100%Lancashire, BL9 8RRFootpatrol London 2002 Limited UK Hollinsbrook Way, Pilsworth, Bury, Non-trading 100%Lancashire, BL9 8RRGenesis Finco Limited UK Hollinsbrook Way, Pilsworth, Bury, Non-trading 100%Lancashire, BL9 8RRGenesis Holdings Inc^ US 3308 N. Mitthoeffer Rd. Indianapolis, IN Non-trading 80%46235Genesis Topco Inc US 3308 N. Mitthoeffer Rd. Indianapolis, IN Non-trading 80%46235George Fisher Holdings Limited^ UK 41 Commercial Street, Leith, Edinburgh, Non-trading 100%EH6 6JDGeorge Fisher Limited^ UK Hollinsbrook Way, Pilsworth, Bury, Non-trading 100%Lancashire, BL9 8RRGift Card Services, LLC^ US Box #735, 8005 Creighton Parkway, Trading 80%Suite C, Mechanicsville, Virginia 23111Go Outdoors Retail Limited^ UK Hollinsbrook Way, Pilsworth, Bury, Trading 100%Lancashire, BL9 8RRGraham Tiso Limited^ UK 41 Commercial Street, Leith, Edinburgh, Trading 100%EH6 6JDGroupe Courir SAS^ France 91 avenue Ledru Rollin, 75011 Trading 100%Hibbett Digital Management, LLC^ US 2700 Milan Court, Birmingham, Trading 80%Alabama 35211Hibbett Holdings, LLC^ US 201 Corporate Woods Drive, Alabaster, Non-trading 80%Alabama 35007Hibbett Inc.^ US 2700 Milan Court, Birmingham, Non-trading 80%Alabama 35211Hibbett Retail, Inc.^ US 2700 Milan Court, Birmingham, Trading 80%Alabama 35211Hibbett Wholesale, Inc.^ US 201 Corporate Woods Drive, Alabaster, Trading 80%Alabama 35007Hip (Birmingham) Limited UK Hollinsbrook Way, Pilsworth, Bury, Non-trading 100%Lancashire, BL9 8RRHip Store Limited UK Hollinsbrook Way, Pilsworth, Bury, Non-trading 100%Lancashire, BL9 8RRIberian Sports Retail Group SLU^ Spain Pol\u00edgono Industrial de las Atalayas, Non-trading 100%Avenida Euro, N2, Alicante 03114Infinities Retail Group Holdings UK Hollinsbrook Way, Pilsworth, Bury, Non-trading 100%LimitedLancashire, BL9 8RRInfinities Retail Group Limited^ UK Hollinsbrook Way, Pilsworth, Bury, Non-trading 100%Lancashire, BL9 8RRJ D Sports Limited UK Hollinsbrook Way, Pilsworth, Bury, Non-trading 100%Lancashire, BL9 8RRJandernama SL Spain Pol\u00edgono Industrial de las Atalayas, Non-trading 100%Avenida Euro, N2, Alicante 03114JD Canary Islands Sports (SLU)^ Spain Pol\u00edgono Industrial de las Atalayas, Trading 100%Avenida Euro, N2, Alicante 03114JD Newco 2 Limited UK Hollinsbrook Way, Pilsworth, Bury, Non-trading 100%Lancashire, BL9 8RRJD Outdoors Holdings Limited UK Hollinsbrook Way, Pilsworth, Bury, Non-trading 100%Lancashire, BL9 8RRJD Size GmbH Germany Neusser Strasse 93, 50670 Cologne Trading 100%JD Spain Sports Fashion 2010 SL^ Spain Pol\u00edgono Industrial de las Atalayas, Trading 100%Avenida Euro, N2, Alicante 03114JD Sports (Thailand) Limited^ Thailand Room No. TT04 No. 1106 Sukhumvit Trading 100%Road, Phrakhanong Sub-district, Klongtoey District, BangkokOwnership andPlace of voting rights Name of subsidiaryregistration Registered address Nature of businessinterestJD Sports Active Limited UK Hollinsbrook Way, Pilsworth, Bury, Trading 100%Lancashire, BL9 8RRJD Sports Fashion (France) SAS^ France Wood Park - Parc d'Affaires du Ch\u00e2teau Non-trading 100%Rouge - 274 bis avenue de la Marne - 59700 Marcq-en-BaroeulJD Sports Fashion AT GmbH Austria Vienna CityTax Steuerberater GmbH, Trading 100%Untere Donaustra\u00dfe 13-15, 1020 WienJD Sports Fashion Aus Pty^ Australia Level 12, 338 Pitt Street, Sydney, NSW, Trading 100%2000JD Sports Fashion B.V.^ Netherlands Oosteinderweg 247 B 1432 AT Trading 100%AalsmeerJD Sports Fashion Belgium B.V.^ Belgium Wiegstraat 21, 2000 Antwerpen Trading 100%JD Sports Fashion Denmark APS^ Denmark C/O CSC (DENMARK) ApS Trading 100%Sundkrogsgade 21, 2100 K\u00f8benhavn \u00d8JD Sports Fashion Europe Holdings UK Hollinsbrook Way, Pilsworth, Bury, Non-trading 100%LimitedLancashire, BL9 8RRJD Sports Fashion Finland OY^ Finland C/o Intertrust Finland Oy, Trading 100%Lautatarhankatu 6, 00580, HelsinkiJD Sports Fashion Germany B.V. & Germany Neusser Stra\u00dfe 93, 50670 Cologne Trading 100%Co KG^ JD Sports Fashion Holdings Aus Pty Australia Level 12, 338 Pitt Street, Sydney, NSW, Non-trading 100%2000JD Sports Fashion Holdings Limited UK Hollinsbrook Way, Pilsworth, Bury, Non-trading 100%Lancashire, BL9 8RRJD Sports Fashion India LLP India B-808 The Platina, Gachibawli, Non-trading 100%Hyderabad, Telangana, 500032JD Sports Fashion Israel (2021) Israel HaMelacha 8 Holon, 5881504 Trading 60%JLimited Partnership^JJD Sports Fashion Israel Ltd^Israel HaMelacha 8 Holon, 5881504 Non-trading 60%JD Sports Fashion NZ Pty Limited^ New Zealand Anderson Lloyd, Level 12 Otago House, Trading 100%Cnr Moray Place & Princes Street, Dunedin, 9016JD Sports Fashion PTE LTD^ Singapore 190 Middle Road, 14-05, Fortune Centre, Trading 100%188979JD Sports Fashion SDN BHD Malaysia Suite D23, 2nd Floor, Plaza Pekeliling, Trading 100%No. 2, Jalan Tun Razak, 50400 Kuala LumpurJD Sports Fashion SRL Italy Via Alessandro Manzoni n. 38. Milano, Trading 100%20121JD Sports Fashion Sweden AB^ Sweden C/o CSC CN (Sweden) AB, PO Box Trading 100%16285, 103 25 StockholmJD Sports Gyms Acquisitions UK Hollinsbrook Way, Pilsworth, Bury, Non-trading 98%Limited^ Lancashire, BL9 8RRJD Sports Gyms Limited UK Hollinsbrook Way, Pilsworth, Bury, Trading 98%Lancashire, BL9 8RRJDSF B.V.^ Germany Neusser Stra\u00dfe 93, 50670 Cologne Trading 100%JDSF Holdings (Canada) Inc^ Canada 1200 Waterfront Centre, 200 Burrard Non-trading 64%Street, Vancouver BC V6C 3L6JDSF Retail (Canada) Inc^ Canada 1200 Waterfront Centre, 200 Burrard Trading 70%Street, Vancouver BC V6C 3L6John David Sports Fashion (Ireland) ROI Fitzwilliam 28, Fitzwilliam Street Lower, Trading 100%Limited^Dublin 2, D02\ue655KF20 IrelandLand and Estates Commercial UK Hollinsbrook Way, Pilsworth, Bury, Non-trading 100%Properties (Coatbridge) Limited^Lancashire, BL9 8RRLand and Estates Commercial UK Hollinsbrook Way, Pilsworth, Bury, Non-trading 100%Properties LimitedLancashire, BL9 8RRMainline Menswear Holdings Limited UK Hollinsbrook Way, Pilsworth, Bury, Non-trading 100%Lancashire, BL9 8RRMainline Menswear Limited^ UK Hollinsbrook Way, Pilsworth, Bury, Trading 100%Lancashire, BL9 8RROwnership andPlace of voting rights Name of subsidiaryregistration Registered address Nature of businessinterestMarathon Sports Limited^ UK C/O Carson Mcdowell Llp Murray Non-trading 100%House, Murray Street, Belfast, Northern Ireland, BT1 6DNMarketing Investment Group BH Bosnia and Sarajevo-Centar, Sarajevo, Kotromani\u0107a Trading 100%dru\u0161tvo sa ograni\u010denom Herzegovinabr. 48odgovorno\u0161\u0107u^Marketing Investment Group Bulgaria 53\u0410 Nikola Y. Vaptsarov Blvd., 1407 Trading 100%Bulgaria EOOD^Promishlena zona Hladilnika, SofiaMarketing Investment Group CR Croatia Zagreb (City of Zagreb) Horvatova Trading 100%d.o.o. za trgovinu^ulica 80AMarketing Investment Group Czech Czech Jakubsk\u00e1 647/2, Star\u00e9 M\u011bsto, 110 00, Trading 100%s.r.o.^RepublicPrahaMarketing Investment Group Estonia Estonia Harju maakond, Tallinn, Kesklinna Trading 100%O\u00dc^linnaosa, Narva mnt 5, 10117Marketing Investment Group Hungary Horv\u00e1t utca 14-24. 4. em. 2, Budapest, Trading 100%Hungary Korl\u00e1tolt Felel\u0151ss\u00e9g\u0171 1027T\u00e1rsas\u00e1g^Marketing Investment Group S.A. Poland ul. Prof. Micha\u0142a \u017byczkowskiego 10, Trading 100%31-864 Krak\u00f3wMarketing Investment Group SL, Slovenia Tr\u017ea\u0161ka cesta 515, 1351 Brezovica pri Trading 100%prodaja \u0161portne opreme in obla\u010dil, Ljubljanid.o.o.^Marketing Investment Group Slovakia Michalsk\u00e1 7, 811 03 Bratislava Trading 100%Slovakia s. r. o.^Marketing Investment Group SR doo Serbia Belgrade, Bulevar Mihajla Pupina 165G, Trading 100%Belgrade^Belgrade-New Belgrade, New Belgrade, 11000 BelgradeJMarshall Artist Holdings LimitedUK 97 Alderley Road, Wilmslow, England, Non-trading 25%SK9 1PTJMGS DUTY FREE Partnership^Israel HaMelacha 8 Holon, 5881504 Trading 29%MIG Marketing Investment Group Austria Mahlerstra\u00dfe 13/1B, 1010 Vienna Trading 100%Austria GmbH^MIG Marketing Investment Group Germany Dr. Hans-Lebach-Str. 2, 15537 Erkner Trading 100%GmbH^MIG Marketing Investment Group RO Romania Calea Floreasca 169, Corp P1, Etaj 3, Trading 100%SRL^Camera 10, Bucuresti 077190MIG Wholesale sp\u00f3\u0142ka z o.o.^ Poland ul. Prof. Micha\u0142a \u017byczkowskiego 10, Trading 100%31-864Millets Limited UK Hollinsbrook Way, Pilsworth, Bury, Non-trading 100%Lancashire, BL9 8RRmyBox Spolka z.o.o^ Poland Logistyczna 9, 26-060 Ch\u0119ciny Trading 100%Naked Copenhagen ApS^ Denmark 14 Plads Bryggernes, 1799 Trading 70%Naked Copenhagen France SAS^ France 91 avenue Ledru Rollin, 75011 Trading 70%NiceKicks Holdings LLC^ US 755 Jarvis Drive, Morgan Hill, CA 95037 Trading 80%NQ Retail Limited UK Hollinsbrook Way, Pilsworth, Bury, Non-trading 100%Lancashire, BL9 8RROnepointfive Ventures Limited^ Canada 1200 Waterfront Centre, 200 Burrard Trading 64%Street, Vancouver BC V6C 3L6PCPONE Unlimited^ ROI Fitzwilliam 28, Fitzwilliam Street Lower, Non-trading 100%Dublin 2, D02\ue655KF20 IrelandPear Sports LLC^ US 3308 N. Mitthoeffer Rd. Indianapolis, IN Trading 2%46235Peter Werth Limited^ UK 41 Commercial Street, Leith, Edinburgh, Non-trading 100%EH6 6JDPink Soda Limited UK Hollinsbrook Way, Pilsworth, Bury, Non-trading 100%Lancashire, BL9 8RRPremium Fashion Limited UK Hollinsbrook Way, Pilsworth, Bury, Non-trading 100%Lancashire, BL9 8RROwnership andPlace of voting rights Name of subsidiaryregistration Registered address Nature of businessinterestSDSR - Sports Division SR, S.A^ Portugal Rua Joao Mendo\u00e7a, n\u00ba 505, Matosinhos Trading 100%Freguesia, S\u00e3o Mamede de Infesta e Senhora da Hora,\ue655 4464 503 MatosinhosShoe Palace Corporation^ US 755 Jarvis Drive, Morgan Hill, CA 95037 Trading 80%SIA Marketing Investment Group Latvia R\u012bga, Lienes iela 1 - 3, LV-1009 Trading 100%Latvia^Size? Limited UK Hollinsbrook Way, Pilsworth, Bury, Trading 100%Lancashire, BL9 8RRSonneti Fashions Limited^ UK Hollinsbrook Way, Pilsworth, Bury, Non-trading 100%Lancashire, BL9 8RRSpike's Holding LLC^ US 3308 N. Mitthoeffer Rd. Indianapolis, IN Non-trading 80%46235Spodis SA^ France Wood Park - Parc d'Affaires du Ch\u00e2teau Trading 100%Rouge - 274 bis avenue de la Marne - 59700 Marcq-en-BaroeulSport Zone Canarias (SLU)^ Spain Avenida el Paso, 10, 1\u00ba, Edificio Trading 100%Multiusos, Pol\u00edgono Industrial Los Majuelos, La Laguna 38201, Santa Cruz de TenerifeSportiberica - Sociedade de Arigos Portugal Avenida das Ind\u00fastrias, n.\u00ba 63, Agualva Trading 100%de Desporto S.A.^do Cac\u00e9m, SintraSports Unlimited Retail B.V.^* Netherlands Oosteinderweg 247 B 1432 AT Non-trading 100%AalsmeerSprinter Megacentros Del Deporte Spain Pol\u00edgono Industrial de las Atalayas, Trading 100%SL^Avenida Euro, N2, Alicante 03114Sprinter Pirineos SLU^ Andorra Avenida del Trav\u00e9s, 31. Edifici Santa Trading 100%Catarina, Baixos. AD 400 La MassanaThe Alpine Group Limited^ UK 41 Commercial Street, Leith, Edinburgh, Non-trading 100%EH6 6JDThe Finish Line Distribution, Inc^ US 3308 N. Mitthoeffer Rd. Indianapolis, IN Trading 80%46235The Finish Line Puerto Rico, Inc^ US 3308 N. Mitthoeffer Rd. Indianapolis, IN Trading 80%46235The Finish Line USA, Inc^ US 3308 N. Mitthoeffer Rd. Indianapolis, IN Trading 80%46235The Finish Line, Inc^ US 3308 N. Mitthoeffer Rd. Indianapolis, IN Non-trading 80%46235The John David Group Limited UK Hollinsbrook Way, Pilsworth, Bury, Non-trading 100%Lancashire, BL9 8RRTiso Group Limited^ UK 41 Commercial Street, Leith, Edinburgh, Non-trading 100%EH6 6JDUAB Marketing Investment Group Lithuania Gvazdik\u0173 g. 170, LT-10247 Vilnius Trading 100%Lietuva^Ultimate Outdoors Limited^ UK Hollinsbrook Way, Pilsworth, Bury, Non-trading 100%Lancashire, BL9 8RRVarsity Kit Limited^ UK Hollinsbrook Way, Pilsworth, Bury, Non-trading 100%Lancashire, BL9 8RRWellgosh Limited UK Hollinsbrook Way, Pilsworth, Bury, Non-trading 100%Lancashire, BL9 8RRWheelbase Lakeland Limited UK Hollinsbrook Way, Pilsworth, Bury, Trading 78%Lancashire, BL9 8RRX4L Gyms Limited^ UK Hollinsbrook Way, Pilsworth, Bury, Non-trading 98%Lancashire, BL9 8RRXLR8 Sports Limited^ UK Hollinsbrook Way, Pilsworth, Bury, Trading 100%Lancashire, BL9 8RR^ Indirect holding of the Company.* The following entity is owned by Iberian Sports Retail SLU, and on 6 December 2023, was declared in a state of bankruptcy and per the bankruptcy document, control over the trading assets was transferred to the curatorA Associated undertaking.J Joint venture.Hollinsbrook WayPilsworthBuryLancashire BL9 8RR",
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